Ann: IronClad signs Underwriting Agreement for Op, page-4

re: Ann: IFE: IronClad signs Underwriting Agr... Say they need to fund exploration up until Sept and they have 4 million left? To me this is plenty until the end of the year, depending exactly on how many holes they want to drill. It may only take one hole at Death Adder to hit something decent and then if they wished they could raise more money easily. I could tell you the exact cost of a gold recovery circuit, but I would need to know more details about the gold, the grade and how much dirt they want to put through it. I wouldn't be surprised if they just stockpiled the iron ore tailings for a while until they have more info about how big the gold deposit is going to be and whether they build a larger circuit to treat the gold in the magnetite (IFE processed tails) plus the gold to the west that they are currently drilling. This gold to the west though will take some time to mine, so if it was me I would set up a small circuit capable of winning the gold out of the magnetite tails initially. Feed the tails into a Gekko inline pressure jig followed by inline leach reactor, resin and electrowin circuit and pour the gold on site. My guess is 1 million capex tops and they don't have to pay a mining cost or milling cost assuming the sulphides are free milling. If they need a mill it may bring the capex up to 2M but they will pay it back easy in probably 3-5 months. They need to tell us more info about the gold project and their intentions in this regard, but they have obviously been very busy with the iron project, silver project, and Death Adder. So all good things come to those who wait. Go TRF.