I tend to agree.    Reserves are always good  ....and the more the better   ...especially when done through the drillbit.    (On the other hand I don't want to see them over extend themselves.) 

I'm counting on the management team to really make the right decisions in their  exploration/project spending.   They certainly have the experience and curriculum vitaes to "back them up".  It is just a matter of executing their extensive knowledge into action and avoiding making any harmful mistakes.

Current 4th quarter's results should really be encouraging!!   .....gold near 800, production now from 2 mines, and the Canadian dollar's recent weakness versus the dollar should limit (if not reverse!) the unrealized losses reported  from Q3.    (I can't recall exactly where the U.S. dollar was versus the Canadian dollar at very end of Q3.)  

Finally, I am not sure what 3 million dollars (spent and perhaps unaccounted for, if I understand him right) previous poster was referring to.   On the other hand I haven't seen an "updated" balance sheet listing  debt, assets, cash on hand, etc. which could shed further light on their  overall financial position   ...one would think though that such a balance, if anything, would be improved on account of the PROFITS (only with unrealized losses from the debt (currency exchange)  does earnings get reported as a "loss" in Q3) COMBINED with the INCOME generated from the sale of the grants increasing their overall cash position.     But then I don't deny that I could be 'missing' something.   (And it is  usually that last little "tidbit" of information that one is missing that ends up creating the "big hole in one's wallet".)