CIBC didn't change their stance on SGR, they downward revised their estimate based on this:

Valuations have been impacted by our view of lower gradesfrom higher

dilution. We have also included the increased share count comingfrom the

recent equity raise of about $80 million. We are lowering ourprice target for

SGR to $4.75 from $6.00 and maintain our Sector Performer rating.

The dilution has had an impact on forward projections.

This is also a factor IMO:

San Gold has sufficient funds for current plans for thenext few

years. The company may need financing to undertake any expansionplans.

I don't see that anything has really changed, management is still doing its schtick, but if the TSX requirements precipitated the change in the 43-101 because they will not count some of the drilling grades, that doesn't mean that the gold went away.

And maybe the financing to the tune of 80 million and not the 160 mm that they wanted, might be a blessing in disguise as it has limited the dilution in the short term. They may even start mining enough to self finance before they burn through the 80 mm in the bank runs out (wishful thinking?)

Still waiting, patience needed in big ol heaps.

AndyK