can't see how you can determine that it was LT holders exiting -...

can't see how you can determine that it was LT holders exiting - they would have exited long ago IMO. Been there done that - issue here IMO is faith in management ANN's given the past ANN's and also the delayed JORC (twice delayed) - not giving market confidence - and maybe the narrow strips - BUT IMO more the "bad taste" left after previous ANN's that appeared to have been somewhat skewed - "frozen samples yeah right!!!). and also the massive dilution would have thrown quite a few investors off (so more to this than just the current grades - IMO history is also a deciding factor ATM until the JORC which is independent and will provide actual numbers!!!