With all the recent volume over the past couple of months... I would read it as mostly distribution and dilution as voted on a few months back. If it were pure selling, the stock would be much lower. The trading range if you look at the 50-100 day price has been pretty consistent trending slightly downward, meaning people are acculmilating at the cheap. I look at insiders buying warrants and stock a couple months ago as a good thing!!!, and the heavy volume (though pennies in real dollars) as just a sign of things to come. It just sucks that amateurs (like me) bought into the hype of the two overseas roadshows and the positive press releases that followed thinking that something would be happening with Hay. I know I did, and bought a lot of shares. And I wish that the speculative deal with North Pipes and Genesis had never been mentioned. Bought more there too. That didn't happen and we got rid of 90% of those claims to the property. BUT now that the company is more focussed on smaller goals, the insiders and those in the know have loaded up on tens of millions of shares and warrants, while we all kept the lights on in the mean time for years. Why would a company with no revenue get an 8 million line of credit from Tangiers if something wasn't going to happen? And why increase the potential outstanding shares to 6.5b from 1.5b unless somebody (not us) needs to own a lot of it. Average down when you can.... I guess.