Roedale you say:

Could Noront management comment on the strategy of presenting our company as cash poor in a bear market ?

I think another way of viewing these statements is 'cash prudent' and not 'cash poor'. I read this portion of the report as meaning that we are holding back, not because we don't have the goods, but because we want to be sure and select our targets carefully and not burn through our 40 million before the financial outlook improves.

I do hate to hear about selling off windfall before we know what's there. She's my favorite girl! But I believe his intention was to calm any financial fears that we don't have options going forward for raising necessary cash.

All the best

BK