Ann: Quarterly Activities and Cash Flow Report, page-12

The elephant in the room - and probably responsible for the share price slide - is of course that according to the Quarterly, the company has now seen and partially logged 1,267.75m of drill core and hasn't had anything positive to say about it. In particular, "visible gold" has not been mentioned.

My view is that they are just being conservative and holding their cards close to their chest until they see assays, as it would be irresponsible to talk it up now and then come out with assays that might not quite match the hype, or talk it down now (with another commensurate slide in share price) before coming out with great assays.

Until proven otherwise, that's my take, but of course there is a risk that all we're going to get from these drill holes is a better understanding of the geology at Topacio, and some vectors for the next round of drilling, so I hope I won't have to look up recipes for humble pie (again).