Great discussion. I've got a couple more things to add about the private placements.

The fact that the private placements have been pretty consistent tells me management knows endgame is at hand, and will only finance when they need more money for operations and day to day costs of business. Theres no sense diluting to the tune of $10M if they think theyll only need $2M until Teck acts. This is a safer strategy issuing multiple placements to keep dilution to a minimum. On the other hand if we see a large placement it might be an indicator that were going to see another delay in the BFS.

Great points. At this point I agree that private placements are the way to go. However, in hindsight it would have been nice for them to have raised enough money for all of 2011 in one or two large offerings. Every time we announce a new private placement, there is a target on our heads until that private placement is closed. We come under attack because shorts and MM try to lower the PP price or have it cancelled entirely. Let's hope the end game is close enough that we don't see too many more PPs.