To respond to your second point (->if there was financing, why keep the S-1?) - I think that's right, at least in part. I can imagine Tangiers wanting to be able to offload the shares immediately, instead of after six months, in order to provide Liberty Star with a larger amount upfront to cover the cost of drilling the first two holes. Whether there is additional financing/JV partners willing to step in if those holes are promissing, who knows. Certainly a possibility.