Volume is dropping along with the share price since the last press release, which in itself was pretty darn good. From it we learned...

1) “The slow, tedious targeting program is now at a state of completion."

2) The company is plotting drill hole locations, and expects the work to "go comparatively quickly";

3) This will be followed by archeological reviews and application for drilling permits;

4) THEN, and reading between the lines, one gets a very stong suggestion that one or more partnerships are pretty much "in the bag" (in so far as drilling at Hay Mountain is concerned).

5) And, finally, the much feared dilution some have been anticipation, while not eliminated, has been shown to have been minimized, at least for now.

So, what's wrong with the market?

While I can't say for sure, I think it mistakenly feels that the above steps will take many months to complete, and are contingent upon findings to be disclosed in the forthcoming SRK independent analysis.

I disagree on both counts. Plotting of initial drill holes, and final archeological clearances are probably in process. That being the case, I would think we are talking only weeks to having permits in hand. ...and where in the recent PR does it say anything about SRK?

The SRK report is probably less important here than some are making it out to be. You see, if LBSR's potential partner(s) is a private company, as I am sure will be the case, it almost does not matter what SRK has to say - they will not have SEC reporting rules to follow for THEIR shareholder. Besides, who at this point is going to bet SRK will turn "thumbs down" on Hay Mountain?

On the other hand, maybe this is a case of Mr. Market thinking others are also looking for lower entry points, so they are kind'a in a standoff within a declining population of sellers.

Oh, well, as my Cavalry officer father used to say, "You can lead a horse to water, but you can't make him drink" - he's got to be thirsty first, ...and exploration miners are still out of favor.

O.k., enough BS for this afternoon.

VP