I would prefer fewer shares and so would management IMO, however for what the company has in it's property portfolio along with the refurbished/permitted mill, I don't think the number of shares is that far out of line.

They would need to come up with 5 million cash in order to go into production. That's not a lot when you consider they have no debt. That's only 6250 ounces of gold production at 800 an ounce. Let's say they had a 400.oo an ounce cost(on the high side just for argument), then we are looking at 12,500 ounces of gold production. They could even hedge the first years production if they had to and still make a profit,,,,so even though I don't like hedging,, it has it's uses if management wanted to limit the # of shares. But it's very rare for an exploration company to reach the stage RMK is at today,,and still have under 100 million shares. The cost of going into production is huge. The shafts and mine infrastructure is so expensive to build,,,,and RMK has it all. We are way ahead of the competition.

I'd add if you look at some of the small to medium size gold producers, they almost always end up having at least 150 million shares.

ARZ.TO Aurizon Mines,,, 146,496,048 shares , 4.01 share price

ELD.TO Eldorado Gold,,,341,460,154 shares,, 6.50 share price

GSS Golden Star Resources 233,222,324 3.95 share price

We are undervalued !!!

The list goes on,,,,I'm just a little tired at this point. You can go to Kitco and check out some of the producers,,,,look at how many shares they have,,Heck Bema had 350 million shares I think before they were taken out.