There are a number of things to address, many covered already, yet here is my take.

First, great posts this week, kudos to QQ, and many others, you know who you are. It was a great day to read, a pleasure. Onward.

The private placement was surprising... when I clicked on the news and forwarded it to my contacts across the country it took us all by storm. Admittedly, we felt blindsided if not stupid for not seeing it coming, and that there was surely enough in the kitty to find DE2. That said, we were fully aware of the carnage in the credit markets and realized this was likely a good thing. We even joked that Sprott would likely be in on the financing... and they were.

A few days after the PP I was on a few different calls where seperate speakers indicated that junior financings were drying up and would become more and more difficult. In fact, they said to look through your holdings and ensure you were only in companies that were cashed up. This makes me think Richard, and his advisors, certainly could see/can see what is coming down the pipe.

The lenders are back in full control.

As per the items of the PP, having similar names to the BMK financing was pleasing on multiple levels. First, and often spoken, these individuals and groups are at the top of the class in this industry. Sure, these guys get terms we'd all like to get.... but, remember, from January 10 to January 28 we had NOT shares ripe for the picking, below $3.50. When you think about it, it's incredible this PP was done where it was in this environment. Makes me think there is good news coming, we'll see.

Next, now I haven't spoken directly to Dick, but, if the goal is to offer up a land package to a major in the next 12-18 months, as has often been posted, then having similar shareholders to one of the other large landholders in the region isn't a negative. I am not sure of the scenario BMK and NOT come together, or for that matter if they do, but, if this is the great canadian area play, then these two together are likely worth more then the sum of the parts. In reflection, it sure would have been nice to have seen Falconbridge and Inco team up. That would have been one hell of a company... and Sudbury could be Canadian owned, not too mention Voisey.

To continue, once we realized the financing was good news, it was time to buy. I am sure many here summized the same, and added. $4.00 w/ warrants doesn't ensure a floor, but, it can't be too far. Certainly with the PP holders willingness to add here, it makes us all more comfortable.

So on to Friday's action.... the buyers out did the sellers. But how come?

Well, the thing that has been exciting me this week is the chart.... I understand technical analysis, I can put a ruler up to a chart and see a trendline. My ruler says we broke out of a down trend and we are heading back up. (rulers can be wrong, but not often.) In my experience a change in trend, albeit only a few months of down, usually means something has changed in the situation. So what has changed?

The PP surely is a start. What else could it be? Speculation? Real news? Sulphides via step out or DE2? I personally hope we can step out on DE1 first... add to the share price via current tonnage... then let the cat out of the bag with DE2. Step out 100 meters, and then follow it up with even a few meters of sulphides at DE2, that's a one-two punch that will at minimum make crazydik think about hitting the snooze button.

Friday felt like we were going to get a halt... there should be a good reason why the bids were hit at market like they were. I watched the ticker, while chatting with a friend, and she moved up, straight up for 60 cents in about 15 minutes. It was painful as much as it was joyful...

A few weeks back I wrote about the wake up call.... and the ridiculous high grade hole and the share price that was then available. Well, here we are a few weeks later and I am saying it again.... there are too many positive things that can happen to take this thing away to prices that don't seem real. The downside, we spend $50,000,000 and don't hit a single step out...(okay, some money goes to windfall, which is fine by me) ... in reality we have a lot of money to spend and partners spending too. The odds of DE2 are good. DE2 changes everything.

If you really want to get carried away, have a look at QQ's elephants..... if there is one elephant, we are blessed....but, if QQ is forshadowing anything...... lol, dare to dream.

this is not financial advise, please do your own due dilligance

regards

cwallace