"Yes, I spoke with him.

In a nutshell, he is moving in the direction of preserving cash in the bank (approx. $6 Million) by shutting down the drill program for the time being and keeping all operations lean. He is being ultra-conservative for now. All the junior companies were adopting the same posture. If they were producing, keep the milling going for cash flow, but halt the exploration.

He said the company was well capitalized, but that it was a matter of waiting out the credit crunch and seeing where things stand in the new environment.

There was still news pending regarding the drill program for '08 and along with it a revised resource estimate -- which is a positive.

Another positive: Layoffs/shutdowns in the industry means better access to equipment and availability of geologists for hire.

They can still work on a feasibility study for a mine, etc...but everything at this point will move at a snails pace and given current conditions, it seems all projected dates for completion are likely to be pushed further out until business credit/environment improves again.

We both agreed that this was a shame because everything seemed to be moving forward at a good pace for the company.

Of course it is just my interpretation, but I would say DW -- although recognizing the seriousness of market conditions -- was slightly less concerned than most because there was still a lot of cash in the bank for Tyhee.

I think his concern was similar to most of the other companies at the show. Gold and silver along with base metal prices will have to stay at certain levels to keep projects viable and attract interest to the badly bruised junior sector. If prices head south, especially silver, then certain attractive projects may get mothballed once more (my take is either this is a temporary setback, or we have just witnessed the shortest commodity bull market in history).

DW said gold hovering around these levels certainly keeps the Yellowknife project viable. He also mentioned that their cost to mine are likely even lower than certain numbers used in the PA. For example they have negotiated a far lower kwh for electricity than the figure they currently have in the report. (I am fairly certain I have that fact correct. Sorry, we just chatted for awhile and I didn't take notes).

I find DW to be a very intelligent and honest person. Roger Sylvestre and Lorne are honest people as well. My interpretation is that they definitely want a mine. In the least he wants a big M & I deposit that is very attractive to major, but that is a distant second option.

One thing he stressed though: Financing at these price levels is absolutely not an option. A buyout at these levels is not even worthy of consideration.

We have to just stay the course and see what happens.

Any way you look at it, at $2000 oz gold, any Junior with 1.8 million oz M & I in the ground is an attractive company. Should that day come (and I think it will, least that is what I am betting), then even with 180 million outstanding this is a company far more valuable than the 0.12 cents it is trading at right now, dismal as that price is.

Tyhee is strictly a victim of market conditions. Trust me, there was such a pall hanging over the conference last week -- it was depressing considering the optimism of the last few years. A lot of quality companies have been utterly shellacked in this market.

On a side note, the speakers forums were all pretty full. Everyone from James Turk, Casey, McCoach, Wiegand, and Jim Willie had a full house and rapt audience...The thing was, it was the same people such as my self showing up for every talk over the whole weekend. There just wasn't big numbers in terms of investors there this year."