That's a good illustration of exactly the problem I had with the way things were going. We already own all the ounces on the property...we just haven't quantified them yet. Dilution is dilution even if it proves up more resources.

However, Dave's response placated my worries somewhat. He thinks we'll get a much better deal from the bank in the financing for the mine if we can show say 3m ounces with better economics rather than just go with what we had in the PFS. Also, we'll get a better deal in any JV if the potential of Clan is fully explored rather than just hope value. So, by diluting to drill now, we will end up having to give away less equity in the mine financing, so at the point the mine goes into production there will be fewer shares outstanding.

I think there is a limit this this though. Once we have enough critical mass for financing purposes, then I'm for getting a mine into production with minimal further dilution for drilling. Then we can fund everything from cash flow going forward.