By my reckoning, just to keep the lights on per quarter, our spend is around $350k. With currently around $1m in the kitty, that'll last us until about March next year. Obviously, any exploration will be added cost. I can't see how the board will ever commit the company to a serious exploration effort without budgeted funds. So generally, I agree with your thoughts. OZM can't undertake any serious exploration without a CR IMHO.
Gold Price, page-1004
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