Hi Spiny!

I guess the question comes down to how much more work they can do with the cash they still have to spend, and how much they can accomplish in terms of exploration results. My guess is that it will be at least a year, maybe two, before they need to go to market again with a financing. KXL may report a big new zone of high grade before then, and the stock could be at several dollars a share. Gold could be at $1200 or more. Who knows?

The company scaled back activity late last year to start conserving cash when the markets went sour. I think they can last a long time on the money they have in the bank, so I do not worry too much how dilutive the next financing is going to be since so much could change between now and then. As long as I see the company remains active, and has not changed the biz plan, then I am satisfied.

Now if they suddenly reversed course and started spending at Caribou instead, I would be worried that somehow they have lost confidence. I doubt that is going to happen. I have just decided to sit in my foxhole and wait out whatever comes along with KXL, but I remain optimistic.

cheers!

mike