Its true, but the company has not announced material changes before.

For instance, how did they come about the results for the bulk sampling of the underground exploration of Bingo of 8g/t without telling the shareholders that they undertook bulk sampling? This grade is far below the projected grade for Bingo, and yet its only mentioned in passing.

If they are financing in New York, they are exposing themselves to derivatives, which they have consciously avoided. Why should they be subjected to Credit Default Swaps whose terms are to be determined later when they are the unwitting counterparty, and have a lien written against all of their assets? Makes no sense. Consolidating or reverse splitting the shares seems a much better course of action.

I have seen two good examples of reverse splits that worked and that was just on the beginning of a major bull market in each sector.

One was Telesystems International Wireless. (TIW.TO) They were trading @17¢, and consolidated their shares 7:1. The entire telecommunications market changed overnight to wireless communications instead of fiberoptics. The shares eventually sold for $19+ to Vodafone, and they avoided bankruptcy.

Another was a South African Uranium producer that was on its last legs with a gold mine and a major uranium deposit, trading on the JSE and the pink sheets. In 2004, they consolidated their shares I believe 7:1 and changed their name to Uranium One. They moved to the TSX and listed there right after. The peak came in 2007 @~$18 per share prior to the uranium market collapse.

The gold market is in a major bull market while the world goes into deflation, and gold is a hedge to currency devaluation. There will be huge interest amongst savers to get into the gold market. This market will change overnight to a major financial market rivalling the size of the oil market on an intraday basis. It will be the first time in some 70 years that the Dow/Gold ratio will fall to a 1:1 relationship, probably around 6000. The monetary price of gold has lagged its commodity price in year 2000 constant dollars by hundreds of points and has yet to catch up.

http://www.safehaven.com/article-14515.htm

The only way to make this company's economics highly compelling is to reverse split the shares or fall into bankruptcy. Producing cores and coming up with discoveries has accomplished nothing in several years of effort. Its frustrating to watch, but the financial side of this company has been totally ignored, its time for a clean up.

It would be a no-brainer to reverse split the shares 10:1 and make the company a tradeable vehicle.

imo, I think this will happen.

F6