"Recently, Union Bank of Switzerland announced it has offered to become EV's exclusive fiscal agent, to assist with meeting
capital requirements from further exploration to development and production (costing more than $30 million). "This was from March 10, 1998
"During 1997, ten holes of a 50-hole drilling program were completed. This
was to complement previous preliminary exploration by the Serbian state-owned electric company (Electropriveda) which
initially estimated the potential reserve, after 20 holes, to run HIGHER than 7.5 million tonnes, or US$1 billion at present market
valuations. EV's assays, from the first hole (announced last month), resulted in rich, high grade values - 35% and greater - and
ran three times longer than expected - over 30 feet compared to the required eleven feet, necessary for an economic deposit.
Assays from a further three holes are to be released on an "any day now" basis. Visual analysis, while unreliable, indicates that
ALL ten holes may continue having high-grade boron over eleven feet or more. If so, then EV may have confirmed a resource of
5 million tonnes, possibly grading up to or exceeding 36%. Only 20% of the property has been drilled and another 40 holes
remain to be drilled on this current program!"
The question I have, now that we are weeks away from applying for the mining license, 3 signed letters of intent, and still in talks with others, a license that now covers the whole basin, a boron market that is ready to explode, why can't we get a loan from a bank or other lending institution like European developement bank, and etc.? Back in 1998 Erin never had a mining license!