The expected cost of the Stage 1 drilling is ~$6-7m (or ~$2m per month) and at the current drill production rates should be completed prior to Christmas. Stage 2 drilling of Nova in the New Year will infill this grid further to a 25m x 25m spacing (costs of ~$12-14m)
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options exercised, plus cash at last qtr end, plus cap raise equate to about $17m.
if they have been spending at approx $2m per mth, that would mean about $4-6m spent so far
round numbers might mean about $10m cash at qtr end. still a long way to go till the next cr.
SIR Price at posting:
$2.90 Sentiment: None Disclosure: Held
