Ann: Leonora Gold Project Update, page-74

No doubt there will be some assay results released shortly. The good news to follow the bad. I think someone posted that yesterday. In the short term those results, if positive, may add to more volume and SP rise as traders do what they do best, but management and board have destroyed what trust was left post board restructure.

One upside is the PoG being up and looking at further rises. The economics make this worthwhile if PoG keeps rising. Maybe Sprott will fully fund based on expectation of gold price increase? Dilution at this point is a kick in the teeth for LT holders. Finding more gold is good, but getting into production and having cashflow to Fund exploration and pay down debt is the smart way to go.

Another point from the announcement is that they are “curtailing” construction. Not stopping, just reducing. Pity they couldn’t spell it out clearer.

Finally, I think today has been an over reaction by the market when a lot of unknowns are present, particularly around debt or equity funding.