Discussion with Alex Passmore

I was lucky enough to get to talk with Alex today.
Re the financing issue as raised by Fish.
Alex is well aware of the situation, he mentioned his background in corporate finance.
The drilling is the expensive part and that is mostly on hold now and will all be on hold for longer if the market conditions continue in the longer term.
The geo's have plenty to do without drilling.
Bottom line if they have to they will stretch their finances to last this year and next. They are determined to avoid the situation where they are trying to raise capital while the SP is low. They plan to raise capital when they are in production and Alex is confident they can do this.
GRACE
Another batch of core results in and looking positive, many still outstanding on the 5 week turnabout.
Grace will be the first area to be mined, then Younami South with the possibility of joining Grace with Younami South.
They will have their own mill but undecided on using the existing one.
The internal restoration figure for the mill is $25m
Once in production at Grace they will be able to secure finance easily and cheaply and will then mine all the proven Younami zones such as the Plant Zone
Re RMS and TO
Alex is concerned (as we all are with the SP so low). He is looking for a blocking stake of 10% to either prevent a TO or make one more expensive.
With all his options he may personally be able to generate a blocking stake.
If I recall more I will post it.
Great talking with Alex, not many CEO's discuss their company with retail shareholders.
I have no doubt he will make RXL a significant mid tier mining and exploration company