"The Board estimates that the costs to be borne by the Company in connection with Granger's proxy contest will range between $500,000 and $800,000 including the costs to be incurred by Fancamp's management to protect your Company"

What about the 1.4 million spent on Desolation Lake incurred ending the Fiscal Year 4/30/2012 and the ~0.7 million during the previous fiscal year?

http://www.sedar.com/GetFile.do?lang=EN&docClass=5&issuerNo=00004414&fileName=/csfsprod/data134/filings/01952793/00000001/C%3A%5CSEDAR%5CFNC%5C0412SCHA.pdf

Was that a prudent use of our company's funds? (Drilling a strongly conductive magnetic anomaly buried beneath 300-400 metres of Paleozoic limestone, on a property located approximately 215 km northeast of the Ring of Fire). Perhaps we wouldn't even be having this discussion/situation were it not for decisions like this....

Cheers, luker