Ann: Trading Halt, page-73

Very true, whilst no one likes dilution, this does now de-risk the company position for quite a while.

Like I've stated elsewhere that recent regional announcement did make me think there is a couple of years of active drilling (as they have unlocked the structural picture on a regional scale) here which will take extra $$$, just expected a raise later this year and like everyone, was hoping at a higher price.

Having said all that, the band aid has now been ripped off quickly and the last time they went big ($10 million at 11.5) the SP did appreciate from there and the assets (esp Tesorito) have been discovered and grown at an exceptionally rapid pace which wouldn't have happened without the raise (and resulting dilution, par for the course).

One thing I will say for LCL team is the bulk of their expenditure does go into drilling which is where you want it to in the smaller resource company space.

The raise has been closed off early from what I've heard and now once we get past any indigestion from the raise there will be plenty more drilling results and news flow to focus on.

The North American investors appreciate a good porphyry story, so looking forward to the re-rate that will come from expedited drilling in due course. This will be big and will dwarf our neighboring mines if I'm reading the signals correctly, but as always take all this with a pinch of salt.