Hi Hemmo, like you, I have seen no formal company statement on outstanding driller payments. The figure was from HC, I understand based on metres reported drilled, drilling cost per metre, and the assumption (also reported on this forum) that the driller is paid 60-90 days in arrears.
It would certainly represent a significant item in the short-term, and is not out of line with recent reported figures. The September Quarterly showed expenditure on exploration (which must have been mainly drilling) at $3.4m, or about $1.1m per month. Given that drilling has only recently been suspended, the $1.0m estimate could be conservative. Worth investigating, if you have any sources.
Cheers,
Prime1
Ann: Notice of Shortfall, page-70
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