The options are:

1) Do nothing; 2) continue averaging, or begin to average down; 3) sell some now, and perhaps more/all later; 4) get out, and don't look back.

What keeps me in, and what has kept me averaging down are a number of things.  The short list includes my understanding and appreciation of the Hay Mountain project.  [While having some little bit of education and practical experience to support that, readers should understand that I do not have academic credentials in any earth science.]

I also deeply appreciate JB's incredible committment to both the science of discovery, and his child, Liberty Star.  I say that because he has been deferring his rewards, as he has taken no salary.  In other words, for all he's done, he hasn't been paid - salary is deferred.  While such may happen in this business, I've never seen it in decades of watching.  In means that JB will never get paid unless we do as shareholder-speculators, never.

In addition, I am cautiously encouraged that multiple companies have signed confidentiality agreements, reviewed proprietary information on Hay Mountain, and then sent qualified representatives to the field for up to two days at a time to kick rocks, gather samples (and even make new discoveries of trace outcroppings of economic minerals).  I suspect, but don't know, that these field geologist very much liked what they saw, but I have no idea as to how their employers responded, if at all - the target is still blind, despite trace outcropping, and may be buried under 2-3 hundred feet of marbleized capping.  ...can't trench that, has to be drilled at great expense, and big risk.

For brevity, I will skip other things, getting to the real question at hand.  If such strong interest has been dislayed as described above, why have we not heard anything about a partnership leading to drilling?

Among the possibilities are:  A deal is about to be signed, or JB is slowing things by driving a hard bargain.  Or, potential partners are being slow to respond, or there is no further interest. 

Where things are within these possibilities I don't know.  However, I feel quite strongly that if no further interest was being expressed by a potential partners, the winding down of LBSR should begin with laying off of staff, and surrendering of the leased field office.  Instead, we've seen the addition of new board members, AND new claims being added to the Hay Mountain project.

I guess this is all a very long way of saying that as much as I find the current share price sickening, and embarrasing before friends and family I've brought into this, I AM STILL HERE - despite complaining now and then.  Stupid or not, I may keep buying modest amounts of shares until JB throws in the towel. 

Speaking of stupid, I see two types here (maybe).  One is those who bought shares in the pennies, or higher, and are still holding without having averaged down - definetly stupid.  The other is those who have been averaging down, something abhorrent to most speculators, and a rule I usually follow.  ...stupid for now, but possibly capable of reversing course.

On the other hand, IF, if this works, if drilling comes about, there will be profit opportunities on the that announcement (for those who have averaged down appropriately), and more, if drilling proves what we suspect.  One or both of these events will make genious out of stupid, to say nothing of the big bucks that comes with it.  

End of dissertation.

VP