Wadeja, I respect your position and I'd be the first to admit my own mistakes when it comes to investments, however, a few observations which you can dismiss out of hand if you wish.

I took a good, hard look at the November presentation before I made a decision to invest in this company. Remember, every junior is looking not just for resources, but also for investors to fund their operations. They are promoters, as well as explorers.

It's not easy putting a value on any junior explorer. There are so many things that make one company's situation unique from another. However, a very general rule of thumb used by professionals for juniors operating in Canada is $20.00/ounce for I & I resources, $30.00/ounce for M & I resources, and $160.00/ounce for P & P resources. At the current share price, it shows the market believes there is the potential for the discovery of more resources in Rainy River.

When you look at that list of companies Rainy River uses to compare with itself, you see a number that are gold producers, others that have Proven & Probable reserves, and others that are close to becoming gold producers in the next few months or years. That's not to say that Rainy River won't be in those categories as it develops as a company, but it does point to the fact that right now, it's a riskier investment than some of those others.

The question I ask myself is this - is the market right about this company, or is it wrong. My experience has been that the market is rarely wrong, especially on the downside of a company. It would be unheard of for the market to undervalue a company to the extent which is suggested. There are reasons for the current share value.

I happen to believe there is a lot going for this company and am willing to invest in it at this level. However, it is a junior explorer and, like all junior explorers, there is no guarantee a profitable mine will be the end result.