Ann: Small Shareholding Sale Facility, page-12

Yea, I've been following the company for about six years now... sometimes holding, sometimes not. It's definitely a long-term proposition! And yes, it's frustrating with so much potential to be still waiting for market activity.

I see several factors at play here:

1) The resource isn't sufficiently defined yet.
2) There's the almost certain requirement for some kind of fundraising later in the year.
3) And now there's the prospect of the small holder sell-off.
4) The transition away from gold as the major focus lost the attention of one investor segment and I don't believe we've captured the interest of the Zinc/Lead/Silver segment yet.

If the resource is a good one it will more than offset the effects of the other factors.

My interpretation of the company's strategy is this:
a) Do the small holder sell-off before the resource is firmed up to reduce the risk of killing the market response to good news.
b) Release the good news alongside a plan for further development and any necessary fundraising activity.
c) Complete the fundraising with a much smaller shareholder base, and hence lower administrative overhead.