AVB 0.00% 16.5¢ avanco resources limited

guspoyet, CR released 16 October 2013, Note the heading PB fast...

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    guspoyet,

    CR released 16 October 2013,

    Note the heading PB fast tracked. Look at where the money is to be spent. $8.5 million specifically allocated for Stages 2 & 3.

    CRANTAS NORTH FULLY FUNDED & PEDRA BRANCA FAST TRACKED TO PURSUE A “DECISION TO MINE” FOLLOWING AN $18.1M PLACEMENT

    1. Field Work including in fill drilling and geotechnical studies – Stage 1 1,500,000
    2. Engineering Studies – Stage 1 3,000,000
    3. Deposits on Mine Equipment – Stage 1 3,000,000
    5. Drilling Programme – Stage 2 4,000,000
    6. Feasibility Studies – Stage 2 2,000,000
    7. Drilling Programme - Stage 3 2,500,000
    8. Working Capital 2,100,000

    CR announcement released 16 May 2014. $4.5 million specifically allocated for Stages 2 & 3.

    1. Exploration drilling (Stage 2 & 3) 4,500,000
    2. Key fixed asset and infrastructure purchases (Stage 1 & 2) 5,800,000
    3. Engineering and related studies (Stage 1) 1,800,000
    5. Permitting (mining license and legal fees) (Stage 1 & 2) 2,000,000
    6. Bank finance costs (refundable 6 months debt service reserve, legal costs, upfront fees) (Stage 1) 8,100,000
    7. Other legal fees (Stage 1 & 2) 500,000
    8. Working capital 2,100,000

    Adding both CRs together we have $13 million for Stages 2 & 3. Remember the company announced that drilling on Stage 3 would be on going throughout 2014. Was that a lie or have circumstances changed?
    The first CR heading said that they are fast tracking PB. The second CR adds more money for this purpose. So far no news.
    This is why I keep harping on about Stage 2. Are you suggesting that the CR's go into one bucket and the company can spend it on whatever because what they tell us shareholders is just bull****. Either we are fast tracking PB and exploring Stage 3 with the money from the CR's or we are not. That's the update I'm after. Hopefully something will be in the Q2 Report.
 
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