Dear shareholder,
To begin drilling specific targets at Hay Mountain is truly in the best interest of shareholders and management. We need adequate funding to do that. Mob/demob costs are at least $6,000. We do not want to waste money having the drillers back and forth because we do not have the financial base to run the program: all of it, including general business requirements. It was hoped funding at a level to start drilling before claim payment dates were due would occur. We are now renewing our leases for another 5 years - the standard procedure, The latest 10Q indicates a funding shortfall.
To answer your question specifically, there is no escrow account, and we never announced nor anticipated such an account and our legally authored prospectus never anticipated such an account, which there is no need. Remember, we are acting under the guidance of legal counsel and our books are reviewed each quarter by outside auditors. If/when those experts tell us an escrow account is advisable or required, we will have one. $35,949 is the figure in the last 10Q you are referring to and it does represent all monies at that time, July 31, 2016.
When we have adequate funds, which may be $150k to $200K, we will begin drilling. In anticipation of that event, we are moving our work vehicles and other field equipment to the Hay Mountain Project area. Field Manager Jay Crawford continues to take geochem readings with the Niton XRF analyzer. We have about 4,000 XRF readings in total, each location reporting on 51 different elements, with some of the most recent indicating additional interesting high-grade copper with lead, moly, manganese and zinc responses. More on that later." Tracy Myers, IR Rep.
