Ann: Bonanza gold grades continue at Starlight 3m @ 884.7 g/t Au, page-213

A capital raising is inevitable but necessary to keep the drilling rolling along. I suspect a capital raise will be in the form of a large placement to Insto's/ Soph's with a small SPP to exisiting holders. The SPP will require a prospectus and I can't see the Company putting out a prospectus without the resource upgrade included - this would indicate that the capital raise will happen after the resource upgrade - so timing is looking like October.

The general meeting to refresh the placement capacity is to be held on 17th August so no raise will happen before then. It's very preemptive to say that brokers are selling to get set to participate in the placement as there are potentially 3 or 4 sets of assay to release before the company will be ready to kick of a capital raising - I would not want to be out of this stock until all recent drilling results are reported.

I think it would be prudent for the company to take advantage of this current gold bull run and top up the kitty with another $20mill - hopefully they can issue stock around 80c (issue 25 million shares) when the resource upgrade is out and limit the dilution to ~5%.