From what I read Red, Sage share of the mining investment is $9 million (1/2 of $18 million) not $4.5 million plus an additional 2 million for additional 200,000 oz. of gold proven.

I agree with much of what you say, but I am still very concerned about what the share structure will be like after it's all done. The risks involved in owning Sage right now are very different than they were 2 years ago. The grade of gold appears to be very low ... only .71 g/t approx.... however given the price of gold currently, even a small deposit can be mined economically. From that perspective, there is some safety.

On the surface things look pretty good but I am still skeptical. It seems that whoever puts up the $9 million will be far better off than anyone else and I believe that Sage will be relaitvely cheaper to buy a year from now and am happy to sit on the outside looking in.

Maybe I am feeling a little jaded