Rookie, I agree with your comments however I don't believe we should have ever broke below $2.00. I believe that started with poor Q3 production which in retrospect made it clear we would miss our annual production target of 80,000.

Look at a 2 year chart as we had support around that level in Oct 2011. Management also changed their policy on releasing drill results from a timely basis to one of large batches at the end of the year. More steady news flow would have kept investors more interested through out all of 2011 and perhaps even increasing their positions on the dips. We had little support on the buy side and the stock continued to cascade down. I though George was well connected and regarded by Bay St Fund Managers and Analysts however they also appeared to lack confidence judging by their actions.

I also have a concern with the overhang from flow thoughs, the high tax bracket folks are looking for a tax write off and a quick flip out after 4 months so this creates a predictable pattern that some players take advantage of. If they need to raise cash do it with a hard money PP and folks that are longer term investors. They could also consider getting an operating line with a bank as those sharks are not blood hungry like the flow through funds that hammer the stock down prior to the placement. Perhaps they could reduce dilution by raising hard money in more favorable conditions and using some of the proceeds to pay down part of their LofC.

take care