Ann: WAF hits extensive visible gold in 1km hole at M1 South, page-39

Drilling is expensive; that capital could have been put toward beginning production on what was known already (at least a million ounces were known about a year or more ago).  The The fact that production is still two years away is the "price" you will pay for the dilution and endless floating of shares by such opportunists as sprott.  I have invested in these kinds of companies before, which had well defined resources but which got "hooked" on the debt "candy".  This means that the financial owners (HSBC, JP Morgan, etc., etc.) will increase their ownership to 75% or more and determine when and who the company is sold to, and at what price.  Please do not assume that they give a whit about the 25% small shareholders, since they will have the overwhelming majority ownership.   If there is five million ounces and a billion share float, you can do the math; your shares will represent .005 ounces of gold, which might translate to $2.00 (US$) per share down the road.   I do not think it will go that long, and the takeover will not be for that much per share (probably around $0.40 depending on the price of gold and the market conditions, assuming a billion shares).  Even if drilling continues, the deeper gold will require longer to "get to" in the scheme of things, as you know.   Just my opinion, to which I am entitled as a realistic investor.  This company WAS a great prospect and could have been profitably mining by now, whilst increasing the reserves.   Hope for a takeover.