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Dear Walter,
I apologize for taking so long to respond. Terry O'Leary, Managing Director, and David Whitfield, President/Chairman were in North America for two weeks and just left on Monday, September 13th. As previously mentioned, we all attended the Las Vegas mining investment show, and had meetings with investors and brokers.
As regards the financing:
* the full A$10,900,000 is expected to be paid by the deadline of September 30th, allowing for administrative delays, I hope that Caledonian can issue a release in the first week of October announcing the exact amount received;
* I understand that Caledonian has received a small portion of the A$10,900,000 during the month of September, I am guessing at 10%; (you may recall that Caledonian has received A$1,500,000 to date from Base, any funds received to during September are in addition to that amount.)
Caledonian was well received during its trip, both in Canada and the U.S.; they have produced a major exploration plan on new Caledonia to be implemented after the funding - the combination of the funds and program generated significant interest.
Many analysts and investors at the show believe that the juniors have hit the bottom and could rally with a comeback in metals this year. The pros are starting to look for cash-rich juniors with good prospects. After September 30th, Caledonian will fit this criteria.
Best Regards,
Kim Oishi
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