Coach -

Thanks for the thorough and measured response. Many people do want to "ride" the share price of an explorer and then pull out during the "pre-production drop" in share price. Not me!

I am looking for companies that are in the process of "building an empire." Organizations that generate cash and plow those earnings back into R&D. The model that you discussed in your response is what I am after ("Get your operating results up to optimum, generate recurring internal cash flow, and then use that money to underwrite efficient exploration and development to expand the scope of mining activity").

Gold, and especially silver, are going to have a price that is many multiples higher in the next decade. Small producers will be very profitable during that time frame. They will either grow or be taken over. If the former, I'll ride it out (hoping for the next Polaroid, Microsoft or Yahoo). If the latter, I think that I'll sell out and look for the next empire builder.

- Panamax