Traps, part of it is the mill. It allows Shaw Dome to become an area play. Liberty has a resource - Redstone - giving us cash but McWatters is going to be a high grade - low cost resource - with all our hard earned money poured into developing the resource. We talk in terms of the price of Ni and always think in terms of what we are mining now. Now is not important for Ni price - it is the amount produced back in a point in time. All Ni prices are settled at a future point in time. The Ni we produce now, will not be settled at todays price - it is 3 mths down the road for Xstrata. If we are advanced money now at these prices and the price goes up - even to $5.00 - we get more money. When we get paid in US dollars - it is todays date that is important - so we gain on the ROE now. When we settle the bill down the road - it also is done in US dollars - so the ROE is based only on the final payment and not what has been paid. Our cash flow now is based on Aug - so we would just be getting ready for us doubling our output.

When we compare ourselves to FNX, FNI and UMJ, we are looking at much higher cost operations. The question to ask is - who gains by sabotaging our financing? I leave it to your imagination. When you look at Lbe's mill and McWatters - you realize that it could even explain some of the shorting we have seen in the year. If Gary can keep us going, I think our picture is improving all the time. It just does not seem like it right now. And Traps - yes there is a poisin pill. We have to remember though that Gary is a majority shareholder and I believe the Edm and Calgary group are pretty tight. Management's guidance will help us decide what we would do but maybe just maybe we can make it on our own. That is really where my vote is