Kinross was into Puma 34%. Whether or not Puma's demise was solely because of the new Russian rules and regulations, I do know but what I get out of it is that perhaps Kinross did NOT read the signs of the times correctly regarding 'changing world events' [forth-coming new ball game in Russia] as well as any other possible problematic situation in Puma. In any case, Kinross might have become involved in an embassasing [loosing] situation and along comes Sage looking for some cash and they transferred a 34% loosing situation into a 6% winning one. Just a theory while we wait.

As far as the dilution goes I don't like it and I do not believe that Nigel does either but in the absense of a 'sugar daddy', it is what it is in the life of a growing junior and especially in these shaky times. Nigel got cash, cash, and that beats borrowing from a bank that winds up going under. Even though the Libor rate is at acceptable levels, that does not mean that all banks are in a healthy state. We know that they are not. So Nigel did good in my opinion.

Jerry