could test recent low of 7cts?cap raising ?, page-36

morning,

if we are talking about fish - I believe fish predicted (sort of) it was a good idea for fml to raise capital for it's survival.

A lot of us disagreed with that - feeling strongly we don't need capital for survival.

The way I see it shaping up there is no change in that.

We don't know yet, but it is looking strongly likely that we need capital to buy a bigger truck to bring home what we have found - we may also use some of the cash to do other things - perhaps to upgrade the post grinding part of the mill - which, if I am hearing the right noises would take us much closer to 200k per year capacity (from memory).

If this is true then this is very very far from a survival raising so there would be no apology needed at all - it would merely display the nonsensical idea that we needed money to survive - AND if it is indeed true that we have at least winged an elephant in Treasure Island - then to my mind that completely justifies spending so much money on exploration and hence only being left with smaller profit at the end of each month - at the moment it is strongly smelling like money very well invested.

I have said for months that TI will test us - and it looks like it might be starting right now (we will know tomorrow at a guess).

If even one of those drills hits a spectacular number - then we still won't know what we have got for a while.

The most important post I have seen here on TI came from our friend CW - where he enlightened us to the fact that the boys had factored in drill time to step out the drilling IN THIS PROGRAM depending on what they found in the first drill holes. Remember, Dean was only looking for a direction in this program - at least early in the program - no elephants guaranteed.

If this halt is in response to those early drill holes then we are probably not yet aware of the step out results -- this is where the speculation will be.

If we have one or a couple of hits in the early holes and they tell us that tomorrow - not one person on this planet will know what fml is sitting on - and god knows where the price will float to.

My guess is that we use the earliest opportunity to raise money to fastrack more planned upgrades and put TI exploration into turbo - you do that when you can excite the market and you don't take the risk that the last drill holes will come up with duds. You need the cash to follow up - so you take it when it is there.
You know how this goes - first you get a drop of rain, then a few more drops, then it begins to shower, then it get to heavy and finally it pours and doesn't stop for days - and then your dams are full and overflowing -- but, you never can guarantee that when the first drops start.
Just like drilling - you can get an elephant or you can get bugger all.
So far it is sounding more and more like we are in hot pursuit of something large. We just might need money for bigger guns because the bugger looks a lot bigger than we thought and we better start preparing to bring it home.

Anyway, that's more or less my thinking at present.

have a great day

Pinto