Guys the reality of our situation is there is no boogyman out trying to get us.
Major Problem
We have not gotten an exciting press release in over a year and we are in a horrible market.
Going bye bye
Most of the junior mining companies will not survive this recession.
What we do have
I think the RoF his incredible resource potential - that is why I over invested like I did. But we only have $29MM left in the bank and have no ability to get more money...
What we don't have
A good price for nickel - Nickel will return to $10-11 but not for a few years, and unless the canadian government builds us the road for free. We will not be mining anytime soon.
What is left
We really need to look at how we are allocating our resources and say this $29MM is it! Once we take our shots with this money someone else is going to buy us up or dillute us to nothing.
Lowest risk strategy
I personally thing proving up the Chromite at full spead is the answer - unless it is truly as worthless as the market values it. Then I don't know. Potentially even helping the others prove theres up so we can unload it all to a major.
The Hedge Fund has some merits
But I do agree with Irwin in the sense that we need to trim back and focus on reducing our operating budget if we are going to be around to be the ones to see the RoF come to its completion.
Prayers for Green
I pray whoever is sitting at the helm of Noront in the months ahead knows what they are doing and has a plan to survive the next two years....
