It certainly seemed like this week was a high probability for drilling news, considering the time since the last release and a belief that an update would precede the mid-month annual meeting. And of course, the great step out hole high grade discovery to the west certainly whetted our appetites for confirmatory core assays in that high reward area. So maybe we've been a little impatient.

Tuesday and Wednesday of this week were Federal Reserve Board meeting days, and while little was expected (or occurred)' many traders focus on macro strategies then, as well as the continuing flow of quarterly earnings. Meanwhile, the finals in France are, I believe on May 7. While fears of another major country voting for an extremist may have been moderated, the risk of a surprise exists, and argues, along with other factors, for emphasizing liquidity in portfoios and focusing on companies with strongly defined prospects. (For example, Agnico-Eagle vs. Barrick over the last week, but pick your own pairings.)

The other thing we might have under weighted is Dave's preference for strong, long-term holders. Probe Mines didn't fight weak metals market periods with increased press releases, a strategy that can help briefly, but rarely brings sustainable advantage. I believe Dave would rather the short-term tradersl wash out in weak market periods, making their shares available to long term investors more likely to more knowledgeable and patient holders. Since traders are looking for short term advantage, they often need heightened liquidity to exit, hence the dictum, "Sell on good news".

Meanwhile the drills are turning with considerable success for the limited assays released to date. I, for one, hope they are assembling a burst of good news for release into a steadier market. That would seem to be a good strategy to avoid a premature takeover bid, as well. Witness Osisko Mining and Ivanhoe Mines: both have accelerated drilling tremendously to define major discoveries quickly.

Patience, and GLTA.  

NSS