I think are ready now and the timing is almost right...get a deal or MOU signed by FN's and the TSX will be next? If NOT is serious about mining this property (and they claim they are) then this would be a logical next step in the major move category. Build out reserves with cash on hand, get the SP up and the next capital raise could be to build a local infrastructure and a mine...like in 2011.
As per iii), I think on Sedar you can find a report that details their objectives for about 18 months. I think all the criteria is in place.
Now, I suppose Wes doesn't care about the SP so much because he has lots of cash in the bank but as we spend our Flow-Through cash by the end of the year I sure as hell hope he gets the SP up to reduce our dilution on the next capital raise.
Requirements for mining companies taken from: http://tmx.complinet.com/en/display/display_main.html?rbid=2072&element_id=29
b) Mineral Exploration and Development—Stage Companies
i) an Advanced Property, detailed in a report prepared by an independent qualified person18. The Exchange will generally consider a property to be sufficiently advanced if continuity of mineralization is demonstrated in three dimensions at economically interesting grades;
ii) a planned work programme of exploration and/or development, of at least $750,00019 that is satisfactory to the Exchange, will sufficiently advance the property and is recommended by an independent qualified person20;
iii) sufficient funds to complete the planned programme of exploration and/or development on the company's properties, to meet estimated general and administrative costs, anticipated property payments and capital expenditures for at least 18 months. A management-prepared 18 month projection (by quarter) of sources and uses of funds detailing all planned and required expenditures signed by the Chief Financial Officer must be submitted;
iv) working capital of at least $2,000,00021 and an appropriate capital structure; and
v) net tangible assets22 of $3000000.
Property Ownership—A company must hold or have a right to earn and maintain at least a 50% interest in the qualifying property. Companies holding less than a 50% interest, but not less than a 30% interest, in the qualifying property may be considered on an exceptional basis, based on programme size, stage of advancement of the property and strategic alliances. Where a company has less than a 100% interest in a qualifying property, the programme expenditure amounts attributable to the company will be determined based on its percentage ownership23.
Industrial Minerals—Industrial mineral companies (those with properties containing minerals which are not readily marketable) not currently generating revenues from production will normally be required to submit commercial contracts and meet the requirements under paragraph 314(a).
B
