Ann: Quarterly Activities Report, page-7

Crom, they do not have a history of doing cash raising after cash raising. Issuing scrip as if it were confetti. Peel have kept the register pretty tight via J.V's stumping up cash etc. Don't forget management have a large stake in the game. IMO they will try to maintain that rather than to keep diluting it for no good reason.

However having said that i just don't understand the expenditure of $ on projects which are unnecessary at this stage. I still wonder if the game plan here is to keep coming up with deposits in the hope that someone with deep pockets will lob a bid for the company. A bid before any mining operation has to be seriously considered. I know that @pfuzzy has been saying for some time that he doubts Peel will ever mine anything under the current ownership.