Alan,
Lookin good to me! Well, better at least.
I did speak to Randy Andrus today. He said he tried to return my call earleir in the week, but I must have been out. We had quite a long call and many topics were covered. Here, in my own words, not his, is a quick synopsis of what we spoke of.
There currently are about 120 men working at the mine site.
To complete the feasability study, necessary for funding, it was required to drill holes upwards in the ceilings of the existing tunnels. This required specialized equipment, which they have located and the holes are being done. 15 in all. This will allow IKAR to cross section the actual material available above the tunnels. From what I gather, the work to date has investigated the mineral over, under and around certain areas. To complete the study it is necessary to actually verify the center of the area. Everything is on track at this time in respect to that.
IKAR has been working very closely with the head officials of the country and they have an excellent relationship to attain the same goals.
As a matter of clarification, they COULD truck materials to market, but have no plans to at this time. (I asked as I was concerned with the possible hauling cost) Randy also mentioned that quite a bit of raw materials is currently available in an "already mined" form. (My words not his.) This is the material from trenching, tunneling and such. As I understand it, these materials are laying on top the ground stockpiled for future use.
Current share standing: Approximately 18.5 mil authorized, approx. 8.0 mil in the float.
There is also some news due out VERY soon....
I also got some clarification from him as to the debenture situation.
It seems to me this is simply a $1 mil loan, interest bearing, that is in good standing, that it is worded in such a way that it could be converted to stock shares at some future date, but he also assured me no such thing has occurred to date and there are no current plans to either. It is simply an interest bearing loan, common as dirt in the industry.
I did like his attitude...he was open, quick to respond to any question, did not dodge any issue and had simple answers to my inquiries. I am very comfortable in the direction I see the company taking and feel this is an excellent opportunity to buy at bargain prices. Again, these are my words and in no way are they a direct quote from him. If any of you have any questions on points mentioned here I'll be glad to respond with what I remember of the conversation.
Jim J |
