E,

I tend to agree with your view that it will be Q4 until we reach cash-flow positive. Earlier I had thought we might be reaching it this current quarter, but the growth numbers are slower in coming through than I had initially expected. We also have the seeming delay in the release of the 43-101; earlier we had expected to see that in the Spring, then I was thinking it would be September, but now I am thinking it is more likely to be November.

I don't see that as good for our share price for the next month or two, especially if the price of gold doesn't move back up for awhile. Without the support of funds or larger groups buying up shares, we do not have the upward pressure on the share price, IMO.

Another factor is the strengthened US dollar. I cannot see that holding up as the fundamentals are not there to support it, but we are in an election time, so I would expect the US dollar to remain "propped" for another 2 months until that is over.

If this sounds a little negative, it is not intending to be. I believe SGR has more gold than most people realize and that it will develop into a huge success story. Right now I am just suggesting that it may take a little more patience until we the SP move back up and until San Gold reaches the next level. JMHO.

NLion