If we assume an operating cost of $350 as per Peter’s guidance and use a $750 gold price. The average price to cash flow per share for a junior gold producer is twelve times. I expect this ratio average to increase to fifteen times as the price of gold continues onwards and more of the general public starts buying gold equities.

My understanding is rights are usually offered to the existing shareholders before they offer shares to others. This is also known as the pre-emptive right and not an obligation.  

Dennis assured me management is certain to work towards providing a return to the original shareholders. It should be known the original shareholders include names such as Dennis Arsenault and Peter Tagliamonte. Perhaps some do not realize before Peter joined Glencairn he invested from his personal holdings.  

Glencairn’s board of directors no doubt is commended for the responsible Bellavista decision they made in July.

Mark, my buy order is still unfilled.