The more certain the resource, the more value it is given. Here is the link to an article which explains it fairly well. As you will see, it is part art and part science:

http://www.stockhouse.com/columnists/2010/feb/1/valuing-a-junior-miner-s-gold-in-the-ground

You may know that Goldcorp just bought Canplats for $308 Million. That was for a Measured and Indicated and Inferred resource of 4 million ounces gold and 68 million ounces of silver. Ignoring the silver, that would value the company's resources at $77/ounce - and that's with today's gold price. Initially, Goldcorp bid $238 Million, or $60/ounce.

That's of some significance to us, since we hold the same gold resource (not yet measured, but likely will be upgraded to that in this quarter) and the market is giving our resource a current value of about $69.00/ounce. In other words, about the same value attributed to Canplats.

Clearly, the market sees upside value to Rainy River. The upgraded resource estimate and further drilling should benefit us in terms of increased resources in a more certain category.

I don't see any data as having been skewed. That would be illegal. How it's presented, however, has a lot to do with how the market perceives the potential of the company. Any good manager knows this and will interpret results with this in mind. As the stock price increases, so dilution decreases when financing becomes necessary.

As to the recent financing, I would suggest those who entered it are very astute investors. Far more than I. They may pay $4.95 on paper, but their real after tax cost will be significantly lower. Sure wish I was them. But I am happy to pick up shares in the neighbourhood of $4.50, because I do believe we will see a regional play with resources far north of 4 million ounces.