This might have had a minor effect but the much greater effects appears to be from the forced liquidation when the stock became unmarginable under $5 in the US. The downturn was 100% US based and TSX simply responded and never led any of the downturn. In fact many times the TSX tried to rally higher and at most times during the day traded at higher premiums that normal.

There is little doubt that the company wasn't being given much valuation at Velardena for it's exiting resource anyway the last few years and in fact even the major mining companies like Barrick are being given very little value for in-ground resources ergo they have fallen from a PE of over 30 to 8 in the last few years. So now the company is basically showing a very narrowly defined resource in a very tightly confined area that can and will be mined over the next 3-5 years versus showing the large future resource it used too, its a different way of looking at the project. It's certainly not a view I support as I would rather show the whole project, not a piece of the project which gives people a better understanding of the future and upside potential.

Taking a broader approach also helps to right size the future milling requirements plus provides more data for valuation of the project and this is the approach used in the past even if the market wasn't giving any value the last few years. It looks like we now have a resource based on just Santa Juana in the high grade veins only between level 12-19 (this accounts for the $120 cut-off grade used compared to $45 previously which by the way was the cost to mine/mill at the last resource update in 2009) so no plans for bulk mining of the mineralized corridor which would require at least 2000 tpd mill and probably much bigger to really exploit the resource. The upside is that the costs for expansion are very reasonable by focusing only on the high grade veins as this is easy to mine by moving less rock and requires a much lower sized mill.

I would rather show what is and can be than only what will be mined over the medium term. Although this new appraoch by Golden management will work as it does for many Mexican operations of providing only a medium time frame resource estimate based on high grade material only and lowers cost of expansion, it does mean that the company is more vulnerable to takeovers and never fully shows a proper valuation when the market finally starts again to provide valuation for in the ground resource.

If they stay with this approach investors will see a constant an easily updated resource that stays constantly at 5-6 years of mineable material for the next 40-50 years at Velardena. Many mines in Mexico and around the world operate with this principle of replacing mined ounces only and they do it for decades.