RF, the mkt for advanced stage gold juniors was better in 2008-2009 at much lower gold prices. The tightening of credit is the answer. The last 40 years of credit expansion has left us in quite a dilemma. First a bit of deflation, then there is reflation occurring. Capital ratios etc are working against us. Lines of Credit are given to stellar credit risks. The old return of capital fear.............Reality vs wishful thinking........I did pickup some shares at $0.07 today.........In my long-term view, I see that there will be some upside...........The dilution related to financing will hangover our head until the terms are known........May see continued weakness until that time. I would be a buyer at 7 cents or lower and be prepared to wait until the first pour for my return...........I have factored in I billion shares and the debt mentioned in the FS study with $2400 gold minimum. I am comfortable with that exposure. To look at a rosier scenario would lead to frustration. Everyone should do the numbers for themselves...........Financing is just one of a few hurdles ahead..... The arm chair miners will surely experience reality as time unfolds..........We are only in Phase two of the gold bull run. When the public piles in later, the valuations would be better but RF you are correct we are financing at a bad time......Cheers, Woody