Please keep in mind that I'm reading between the lines.

Bell did not say specifically the $750K would only last through the current 3 well program other that to note they're sticking with the "...original plan of a 3 hole drill program at Kabba for the time being and dependant on drill results from K-6 and eventually K-7, the company will then implement the next phase that is suitable for the project."

And again, the PR announcment of the PP in Dec '08 noted funding was specifically for Kabba exploration.

So my take is that the Dec. funding will adequately pay for this phase and I believe a little will be leftover and will spill into subsequent Kabba wells (K-8 etc.), but not enough to really buy any significant activity. Perhaps that's why this March trot to the markets is for a lesser amount in $500K?

Indeed, why would you go out to market in March -- arguably the bottom of this downturn -- unless you really needed more funding?

And as BCU have not issued any PR noting the financing has been completed, my assumption is that they have yet to raise the $500K sought.

I'm also not privy to Dr. Marsh's exploration methods -- nor as a non-geo would I understand them all that well -- but to me it does seem he's employing a kind of step by step approach in that he want to define/prove indicator mineralization to zero in on the big prize.

As opposed to going after a "discovery" well too early with limited knowledge of where the copper actually lies. And risk getting dry holes (with little/less geological info) and losing investor patience and interest.

Again, this is me speculating...my thoughts...not the company's. I could be way off here...

But if I'm on the mark, the "sure but steady" approach is good in that you'll probably find the prize. Eventually. If there's one to be found.

The trade off -- and this is what I worry about -- is that you need continued funding in this slower approach.

TM may be getting more and more valuable and pertinent info, but let's hope this doesn't get to the stage where Bell needs cash for just one more well...

...and the money well is dry.