Wavemaster, that was the logic I kept on going back to when I was about to sell. Two possible things imo going on here:

1) Retail who bought in the .30-.40 range in anticipation of a stellar resource estimate have had enough and are taking their losses and moving on

2) This is being driven down by greedy institutional investors to shake the tree of weak hands and pick up shares on the cheap. Can anyone provide an up to date short position to see if twosense's logic of Scotia shorting this could be true?

Essentially the market is valuing KXL at less than cash value and giving NO credit to ANY of its land properties. Ok things have been a dud, but at any time - the drill could do the talking and the ounces in the ground could appreciate very quickly.