No further dilution would be great...and not altogether impossible. As a commercial banker, I've seen the appetite for these types of loans run the gamut. In a best-case scenario, things in 2009 might go like this:

1. The infrastructure spending (roads, bridges, utilities, etc.) that Obama has talked about should start flowing in 2nd quarter of 2009. This is a great way to create LOTS of jobs and start stimulating things in a very slow manner.

2. With the infrastructure spending, the companies most likely to receive govt. attention will be one-off, like energy, fuel, transportation, etc. This is when the banks will likely start lending the BILLIONS of dollars handed to them by the govt.

3. Not too far behind this will be companies dealing in hard assets, preferably assets that hold value or might even appreciate. In the past, this was real estate, in some form or another. NOW, I'd say companies w/ gold would be in the spotlight. Even if their decisions are based on 'inferred' resources, this will be a safer bet than a loan to a service company.

Admittedly, I know nothing of mining..relatively speaking, but I do understand how banks' appetites work and this makes the Q4 '09 timing a bit more palatable to me..personally. Like most things, timing can mean the difference between a fast 'NO' and a $25Mil loan from the bank.

Of course this is my personal opinion/speculation, but I thought I'd share a little industry experience.