Yes, those involved in both PP did assume some risk and that is why they were rewarded with the warrants attached. Wish I had those in my back pocket. I'm just a regular guy that bought at many different levels as I have accumulated my position.

By issuing warrants to warrant holders it starts to appear as a private members club. These outstanding warrants will probably be fully exercised way before they are to expire. Although there are many, the total revenue generated from their excercise is only a couple of million. From what I understand, we are still OK with cash on hand and financing is not required immediately. Issuing more warrants is no different in the long term than issuing new shares, because we all know that they will be exercised at one point long before they are to expire.

As a regular shareholder having a large position I would prefer to see our SP grow on its merits as we prove up what we have in the ground. A very good example is how the SP of CAN jumped crazy on only a couple of holes reporting. They immediately did a financing with minimal dilution because of the rapid SP appreciation. Look at Detour Gold and their recent financing. It was thought that initially it would have been done at about $20 but they were instead able to do it at $25 because they market likes what they see. Therefore, that action resulted in 25% less dilution of shares.

You basically are looking to get additional financing at 75 cents and I think we can wait a bit and get it at $1.50 or higher. I would rather raise $20 million for next years drilling with many drills than only getting a couple of million through your plan which will not raise enough capital for an aggressive drill campaign next year. It is only by drilling as much as possible as quickly as possible that we as shareholders will benefit in SP appreciation as soon as possible.

We have a great investment here, let's prove it up as quickly as possible. If we are going to have a SP north of $10 within 2 years we have to drill the property as aggressively as possible, and that will require the next financing to be much larger than what you are proposing.

:) Skier