When the stock hit $4.50 in early 2008 there were 88MM share outstanding giving a market cap of $396MM on a company that had some narrow high grade hits on a several mile long stretch of veins. Also at that time a company could have said the word gold in a news release and the stock would double.

Today there are 237.5mm shares out and at .85 we have a market cap of $201,875 on a company that has a minable resource that could easily be doubled in the next 12 months with infill and expansion drilling. The stock is clearly undervalued, but given current market conditions, not out of the ordinary. We should be so lucky to be able to get bargains like this for extended periods of time because in 2008, there were no bargains just gross speculation.

If we still had 88 million shares out the SP would be $2.28. That's the nature of dilution and for those who have held a long time and nasty dose of reality.

I don't have a problem with waiting for the feasibility study. the size of the mill and annual production changed significantly in 6 months between the two PEA's. If they expand the resouce further this year, (they are obviously confident it will happen) the mill size , annual production and mine life may become bigger again. A project with annual production of 4-500k oz is much more valuable than one with $250k annually so I believe it's worth the wait.

If things were as simple as creating a feasibility study and start digging, companies like Rainy River would have been producing ages ago. With a bulk minable deposit like this size matters in a huge way. the bigger it gets (in all areas) the better it gets.

Having said that, like Konor, I still plan to trade the swings with a base position I will hang onto.