Ann: Quarterly Activities Report, page-59

I suppose there is an argument that the company could have developed a smaller scale mine to start mining the rich M1 deposit earlier with lower up front capital and far less share dilution.

We could have started the open pit, then built a portal at its base, which is the conventional sequence for mining such a deposit and could already be processing open pit ore and not be far away from grinding 13g/t UG ore by now, generating cashflow (probably with a much higher share price) and waiting to drilling the deeper limits of deposit until we reach more advanced lower levels in the mine.

The problem is if you think like that, ie about maximising profits for a fewer number of shareholders, you don't get a gig to run the company by the patron banksters.

The market capitalisation and/or EV of the compamy is not what we should be trying to maximise, it's the share price and earnings per share. We might have got the scaled down operation up and running for <$100 million with a small mill with gravity and CIL circuits.

I can see what pilburro is saying. I don't think he is a downramper, just a dissatisfied and disillusioned shareholder. It's too late to go back now so no point arguing. I think the lastest 25cent CR will be a big resistance level. If we can't get through that with a strongly rising US gold price it will just go to show how much the managment over whipped the eggs in this soufflé. Esh