Hi e,

Your math does suggest that additional funds may not be absolutely necessary, but having them may make it possible to move ahead more quickly with Cartwright, mill expansion, mine development, and possibly  other acquisitions.  In my opinion there is huge potential up there in many areas that is now not being developed.  

Also, if the burn rate has been over 3M per month this year, and Cartwright has not even started, the rate will be higher when it does get underway, so the number of months you calculated may not turn out to be correct - yes, I know that they are starting to get revenue from gold sales, but there is always a lag time, and we have seen the actual production versus the projected production usually truning out lower than expected, or later than originally thought.

Further dilution is not usually considered to be a positive thing.  But, if raising some additional capital helps the mine to progress much more quickly, then there could be a good ROI through doing it.  So it could end up being a positive thing as the overall value of the company could become much higher more quickly through faster development.   Also, depending on where the funds are used, it may speed up the timing to achieving cash flow positive status in that we may achieve higher gold production sooner by spending some extra bucks now.  

So I am not against a bit more PP if it is used for the right things.  I agree with your point, tidbits, that it will likely not be available to the retail investor if they have guys like Robert Cohen interested in picking up some more of the action.

JMHO.

Lion