Uncertainty always brings out the worst in people and these are unsure times for us retail shareholders who always had RN to depend on for comfort. Now he is gone and alot is being said about the new management, what we ASSUME they will do, how we ASSUME they will treat us and how we ASSUME they will cater to hedgies.

The AGM may not have been their best foot forward I will agree but we need to get to know these people. They all have a wealth of experience to draw from, we have 2 CAs on the board now who will make sure that proper budgets are set up and respected. That in my opinion was a weakness of our prior management and should now be a strength and a very important one at that in these financial times. Our burn rate was high at 4-4.5M per month. This did include Windfall which is now being winterized and will save a fair amount of dollars going forward. Our cash on hand is now around 27M from what I hear. So even if we bring our burn rate down to 2.7M per month, we still only have 10 months of cash left. The board will decide what our best course of action should be to go forward. These individuals have been given a business opportunity to grow and potentially develop the next big mining district in Canada. I believe they will do their best to make the most of this company for themselves and their resumes but also for all shareholders.

If pressure is applied by the hedgies for a PP that is not in the best interest of the company and they succomb to this pressure, we will have a voice-and I would like that voice to be strong and unified. However, I believe these individuals will make the right decisions.

For all of us retail shareholders to duplicate the monumental effort we did for the proxy vote, we would have to be confronted by a situation as dire as losing RN. So even though I believe it is wise to be proactive and work as a team of shareholders, I seriously doubt we would have to use our strength again.

So lets return the Family Feud to its regular channel and stop assuming and get to know our new BoD.

Together we stand,

Glorieux