I established my position in the company a few days after the announcement of Peter Tagliamonte joining the company. If there is anything to take from the business of investing, it is to pick successful individuals leading your company. Peter’s record speaks volumes in the mining circles.  

Each time I have corresponded with Dennis and Peter, the outcome has been one of confidence, sincerity and vision. Nevertheless, the last call I made to Dennis, he reiterated to me he was not in favor of a reverse split. I presume the cash injection of $25M could have altered his outlook. At first mention of the reverse split, I was not overly enthused either.  However, after crunching the numbers and looking at the grand scheme of things, it appears the reverse split is the best conclusion moving forward.      

The slippage at Bellavista originally reduced my paper by 200%. I have since grabbed the opportunity and added four times as much to my holdings. In the beginning it was painful to see the loss, but after reassessing the short-term damage to my portfolio and believing in my long-term investing criteria, the return 12-24 months out offers a high probability of realization for today’s buyer. I am forecasting 200,000 oz of annual production, $400 operating cost and gold selling for above $750; therefore, bringing our newly-named company to within a breath of $20 a share.   

I am watching the stock price closely for another buying opportunity, but It may be difficult for the market maker to drive the stock price down to the levels you and Jerry are suggesting. Gold is easily moving upward through EURO 530. This is more important than gold trading above US $750. EURO 530 has been a formidable level of resistance in the past. With this level broken, gold’s strong reputation is building; the global trend is reasserting itself upwards. Plus I believe there are others that have recently taken profits on Glencairn and are looking to get back in at lower levels therefore causing some added buying pressure.