I think the issue with TDC is not so much the resources (ie. the FS) as it is the financing and the future direction of ownership.

The resources are fine. The IRR on the project is good. Payback time for the investment is very good. There are lots of miners out there who have the same or less resources but whose share price and valuation are much higher.

We have come through a period of serious instability both in the small cap sector and at Tyhee particularly, and many prospective investors are taking a wait and see attitude to the stock and to the others in the small cap sector as well.

There is not only the vision of management which seems clear but not really confirmed (may I say Hans?), and also the relationship with WCX, which is not clear yet either. The ownership of a large chunk of shares by Sprott is good. The trigger for the SP rise IMO will be first a rise in the price of gold, and second a clearer picture of the route to production of this very promising company, especially the financing arrangements, confirmation by management of the future accountability arrangements with shareholders, and the relationship with WCX.

Ike