Ann: SA Exploraton Conference Presentation, page-9

The Munros ? A couple of million bucks is a lot of cash to be sitting on for an SMSF. 

ARA are sitting on well more than enough cash but they didn't want those shares at 3 c so maybe don't find them attractive at 8+. In any event with  Lomas sitting on the board and announcements on the PHES, Drill results and  Quarterly Report due soon ARA are probably  duty bound to keep their hands in their pockets.

The total buy side is only offering $15k at the moment. I'd hate to be wanting to sell. Rumour has it that the guy who got Supervised involved has left the building. They could be well advised to get someone else up to speed on HGO and start buying rather than selling.