I can assure you that drilling costs for an exploration program are NOT a rounding error. They are the single largest cost, or should be?
How much did you pay yourself to supervise the drilling operation? Is that where the money went?
600m for $300K? $500/m for shallow RC drilling? Am in the correct ballpark? You have got to be kidding!
$/m drill costs for RC in general $50-60 per metre at the depths you drilled. 0-150m and increase with depth (start $50/m from surface and at 50m go up to $55/m then 100-150m $60/m) But then add in non-drilling charge rates and diesel and it’ll be $100/m or so as a ballpark. However, you seem to have managed to get to $500/m approximately with contacts dated after the drilling was completed? And, without you going to the board for sign off as a related party. I have no idea why the board wasn't impressed (irony).
How many metres done per hole and how many holes for those invoices?
Your attitude to the work done by current management to keep a mine open, advancing with the community and government and maintaining that license, makes me extremely scared for the companies assets if your mob gets it hands on things. The cash would dwindle away, (given past performance to related parties) and you would lose the right to operate the companies one income producing asset as you obviously don't understand the Philippines.
'Gutted the Queensland project'? Did you find anything economic? Did you rush the drilling (If so, why would you do that? Does it have anything to do with $500/m RC? ).
Ps Reading the Glass report is not hard. I've also read it and it is not complimentary to the the Vitrinite team.
X64 Price at posting:
61.0¢ Sentiment: Hold Disclosure: Held
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