Honestly, I don't see a lot of down-side risk, particularly at these share prices. Here are some factors to consider:

1) Current production cost is between$375 and $450 CAN per ounce. This means that at current gold price levels, the net profit is between $350 CAN and $425 CAN per ounze.

2) Production cost are likely to trend lower if fuel continues to be lower in price.

4) The price of gold is quite likely to increase over the next year or so.

5) The Barry deposit is proving to be much larger than initially thought, meaning that it can continue to be used for production for several years. Also, the grade has consistently been around 5 grams/ ton.

6) The Nelligan property has excellent potential for proving up significantly more resources. It is also very close to the mill.

7) The Barry United property (acquired from Murgor) also looks very promising and will be explored within the next year or so.

8) There are other deposits of around 1 million ounces within 60 km of the mill. These could be acquired using profits from production from Barry over the next several years.

9) Mill capacity will increase to over 1000 tons per day sometime next year. If the grade stays roughly at 5 grams per ton this means that Metanor will be producing over 160 oz per day. This means that a conservative production target (assuming that the 1000tpd target is reached by the middle of the year) is close to 45,000 oz for 2009. Given current gold prices (approx. $800 CAN/oz) that would meant a net profit of around $18,000,000 CAN for next year ($400 CAN x 45,000).

If I could , I would definitely buy more shares at these prices.

4