I've been a shareholder in ARZ for about 8 years.  The stock has surely had a nice price increase since Casa Berardi got into production.  I do hope that they don't put too much of their cash flow into the Joanna low-grade play, as there's still plenty of expansion ahead at Casa Berardi alone. 

 Also - the weakness of the Yankee dollar and strength of the Loonie may adversely affect margins at CB.  The future profit picture looked better when the Loonie was at a good discount.