If they tried to raise full 35 mill for God knows what, they...

If they tried to raise full 35 mill for God knows what, they would have to go at least 2 new shares for 1 current share, given that many current shareholders may not participate.

It is much more likely they will try to raise capital for the first stage of the mill, hoping to borrow the rest, if they can make a business case to a prospective lender.

Obviously the trucking of ore to Barrick does not leave much cash left over after expenses, production costs, transport costs and processing costs combined.

But having a mine and the mill if it gets build, the mining cost will be the same, processing cost will be somewhat lower than what Barrick charges ( hopefully, but have to pay interest and repayments) and the only real saving will be the transport cost.

So either the transportation cost and processing cost are really huge or all this project does not make economic sense.

OK so there is gold in that dirt but if it costs more then $1700 per ounce to extract it, it would be better to take a holiday and wait for gold price to improve.

I will go over the paperwork with magnifying glass, but at this stage I am not incline d to send more good money after bad.