From what I see, our burn rate is about 3.5M per month which would give us close to 1 year to tap into new money. Here are the options for that new money:

Private Placement again...diluting us again and right now would be at a seriously undervalued price. Credit markets are awful right now for juniors-majors seem to have no problems in this regard. I cannot see these credit markets improving in the next 12 months with the situation in the US which will get worse in the next 2-4 quarters before it starts to turn the corner. So personally, I would be doing everything in my power to make sure we are not going back to this table.

Cash from Windfall gold: There is no limit on the bulk tonnage samples that we can take out of Windfall but the government of Quebec may take exception to going way overboard on this. The number of 10K tons has been mentionned to me and that we could do more than this but this is the ballpark we are looking at. Hopefully we can load up as much from zone 100 as possible and reach an average grade of 2 Oz per ton (many will argue for a much higher number here and I understand that-just staying conservative here). This would yield 16M which would by us another 4-5 months. I think to expect more money from Windfall bulk sampling may be too optimistic but depends on how much they can grab from very high grade areas. The purpose of the sampling however is to gatter information to better understand the geology and complete the 43-101. So I do not expect them to pilfer all the high grade zones as this would skew the results of the sampling.

Cash from a 10% buy-in by a major: This would be the best situation I believe if it can be negotiated in our favor. In the current situation, I am willing to wait before signing anything. A good trade off here may be to allow a Major first dibs on the Chromium lets say in exchange for money to explore and lock up as much land as possible.

Fincancing from an institution based on 43-101 results at Windfall, Eagle 1. This would also be a great way to get money but that means we are now putting ourselves in production mode and this will change the dynamics of the company-I believe for the much better. However, again with the credit conditions out there, this is not a given and we need to have all our ducks lined up very quickly to do this before we reach a critical stage say 4 months of cashflow left.

When we consider all this and the challenge we have with our cashflow and burn rate, imagine how hard it is for some of these other juniors in the Rof. They are much more at risk than we are and as mean as this sounds, this is to our advantage. As long as we can stay well capilalized and these markets stay dry, we are going to be able to JV more projects on better and better terms for us. So these credit markets are a 2 edge knife for us. On one side they do make it harder for us to access vital capital but it may permit us to obtain great terms on JVs in the future.

All this of course IMHO. Enjoy the last week of summer everyone!

Glorieux