Summary of activities from April to June 2012
Exploration expenses totalling $420,069 on Shipshaw and Shadow properties, as follow:
|Shipshaw||Shadow||14 Karats||33 Carats||Others||Total|
|202 671 $||83 717 $||59 101 $||25 654 $||48 926 $||420 069 $|
Shipshaw (Niobium and Rare Earths):
- Important drilling campaign started in March around Niobec mine;
- Discovery of a new alkaline complex (Falardeau). Pending drill results.
Shadow (Diamond and Gold):
- Processing of kimberlite indicator minerals for promising diamond targets.
- Soil survey on prospective 2 by 4 km gold sector up-ice of a dispersal train reaching 3,510 ppb gold in till, poorly outcropping, near a power line.
Au 33 West property (Gold):
Another project, entirely financed by Osisko. They realized two exploration campaigns with a field team of 6 people. A new soil survey was completed and a detailed rock sampling of outcrops located in the centre of the property where mineralized occurrences were discovered in 2011. Follow up is planned in the upcoming weeks.
CASH FLOW SITUATION
The working capital increased by $76,480 during the second quarter going from $1,802,567 as at March 31, 2012 to $1,879,047 as at June 30, 2012. The increase is mainly due to the reallocation from non-current investments to current investments and an option payment of $75,000 received during the quarter.
The Company considers the cash on hand sufficient for the known obligations. As at June 30, 2012, the Company did not have any debt or any financial commitments in the upcoming quarters.