Even a little DD on VIT indicates that this is an extremely complex company given its market cap; they seem to have deals going with everybody who's anybody - even Barrick and Newmont.

I don't see dilution as a problem per se as long as the return they get on the money they realize causes the market cap to grow at a faster rate than the float. I would have a problem, however, with said dilution taking place at the current market prices - prices that credit VIT with $13/oz for gold in ground. And we all know that VIT has a lot more gold than the 4.5 million oz officially acknowledged. Our market cap may be pricing our gold in ground at $5 or less (< 1/6 industry avg). IMO, considering risk, a fair dilution price might be 80 cents or better.

Having said that VIT is long on properties and relatively short on cash given what they're going to need to develop anything they have. VIT has to trade off something - either dilute (let's hope at fair prices), settle for smaller percentages of the action, or both.