It's like the guy with the debt instrument is dangling a carrot and holding the sp hostage as leverage.

You might be right Lunch. I do recall a conversation with Tim and the subject around the capex. As I recall I asked about diluting if more money is needed for developement and Tim suggested debentures or some other form of bond would be preferred. I believe they still have plenty of cash for the near term, however if gold continues to languish at these levels or lower it will probably not be too long before they run out. An update would sure be nice to relieve some of the doubts that come with declining share price.