Excellent question!!My guess is 3 things:1. The market is...

Excellent question!!

My guess is 3 things:

1. The market is waiting for a go/no go decision on the mine

2. Assuming a go decision, the market is expecting a further capital raising to fund mine development. The size and price of this raising will determine where the share price will settle

3. Poor communications. A lot of information has been flowing through on drilling, gravity surveys, metallurgy etc, and it is good technical information. But not much effort has been put into what it all means for the punters.

Good driling results ... meaning a bigger resource than assumed

The gravity survey found whole areas previously untested ... meaning potentially longer mine life

Gold and metal recoveries have been well ahead of the July 2009 assumptions ... meaning better value for each tonne of ore

Proof of good recoveries at a course grind ... meaning a cheaper to build and operate plant ... meaning lower cash cost per oz?

I'm not sure of all the meanings, but that's the point... without the company joining the dots for us the market is left guessing.

The positive is that the company is still so cheap and I keep buying. For me, this is one of the best exploration stories out there, and it is a very cheap entry point to what could be another world class Cobar style mine.