wheres the real bottom

In October this was trading at 145-16c. Although I don't think it will go that far, anything's possible. The question I have is whether
a. this was a classic pump and dump,
b. the results were equal to or slightly less than expected, causing an exaggerated selloff, or
c. as per b., plus interested parties pulling their buy offers, causing a slight panic sell and enabling purchase at a lower price.
I hope it was c.
The company is still to decide on whether to mine the nickel resource, due in 'early '07', whenever that might be.
I think this will have a period of weakness before a slight correction back to the high mid- high twenties, leading into the nickel announcement.
Any other thoughts?