Jerry, the October 22 press release tells us the TSX has approved the private placement.

The December 31, 2007 shareholder approval that is required to release the funds from escrow is not an issue. As far as I can tell, the deal is done and the protective resistance coming from Orion, Dundee, Blackmont and Wellington will slowly dissipate.  Therefore I agree with your target of $0.30 being broken sooner than later. After we break $0.30, a couple 40% up days get us up to pre Bellavista level.  

A serious decrease in the price of gold is the only weapon left in the bear’s arsenal when it comes to Glencairn’s stock price.

Historically the FOMC has not changed its course or bias towards interest rates, instead it has remained steadfast in that newly adopted direction for several years. The FOMC’s best interest is to remain consistent otherwise it will look incompetent in the eyes of the world. However, just because the FOMC reduced rates by .50 basis points at its last meeting does not guarantee they will do the same next week. The important thing to understand is a new trend of interest rate cutting is in place for the long-term.   

As for the US dollar’s fate, part of it lies in what the other central banks are planning. If we listen to what the Vice Governor of the Swiss National Bank, Mr. Phillip Hildebrand said in a speech on Thursday, the outlook for the US dollar is grave. Mr. Hildebrand said “Should our inflation forecast show that the development of the foreign exchange rate threatens price stability in the medium term, this would be a reason for the board to reassess the degree of restrictiveness of monetary policy”. It is clear if there is any signal of inflation it should not surprise us to hear the Swiss National Bank tighten their monetary policy. As usual the other European Central banks will follow the Swiss lead. This is a harsh difference to what the FOMC is planning for the future and therefore the US dollar faces more selling ahead.   

Passing the EURO 530 gold price was a key event and in short order EURO 570 will be next in its path. A EURO 570 breakthrough signals a world-wide gold bull market. The Canadian dollar will be one of the few currencies still standing in the way of the gold blitz.

This brings me to investing in Canadian mining companies paying Canadian dollars to their employees. It is not a good investment idea because receiving weak US dollars for the product being sold and then paying wages in a strong Canadian dollar will negatively affect the bottom line. http://money.cnn.com/news/newsfeeds/articles/newstex/AFX-0013-20475022.htm

The Glencairn Nicaraguan partnership is one of brilliance.  Not only are we acquiring assets at a discount, but we are also paying our employees with a depreciating foreign exchange rate. Glencairn pays its miners in $US dollars and C$ Nicaraguan gold cordobas. In the last year the C$ has depreciated 4.87% from 0.0560 to 0.0534 against the $US dollar. http://www.digitallook.com/companyresearch/191818/Nicaraguan_Gold_Cordoba/company_research.html