The ominous signals are increasing volumes being done on the...

The ominous signals are increasing volumes being done on the downside, + an overall willingness to sell. Can we assume that visuals are underwhelming on the 2nd Nordic hole?
In fairness, the program has just started.
If the current Swedish program reveals nothing material apart from the face saving "we have gained an understanding of the complex geology of the region" nonsense - sub 20c is a distinct possibility.
Based on their Sept Quarterly, they will be down to $21.6m at Dec 31. Assume the same activity through to March as indicated by field activity forecasts ($2.5m exploration & $0.9 admin and wages) + $2.7m admin / wage costs for the last 3 qtrs of calendar year 2017 and we are down to $15.5m cash adjusted

200K ounces at Baloo, Nanook @ conservative $100 = $20m + cash $15.5m equates to 14c value + / - value for reputations!!!!!!!!