Ann: Operations Update - Project Icewine, page-193

We will need money to advance our appraisal, let alone complete the appraisal of our acreage. That has always been the case. Three potential sources: debt; equity; or asset sharing. Due to lack of production income for a pure explorer, the first makes no sense other than limited debt secured by GoA rebates. And that bit is done. So the remaining choices are equity or asset sharing (farming in or out). The choice between the two will likely be the one that management determines is more accretive (or at least less dilutive) to shareholders. Much as no one likes dilution as a principle, a non producing explorer has no other source of funding. It has always been so and will always be so.

My hope is that a partial farming of a conventional lead or two will be the next step of funding. As long as the potential for cake still exists, I don't mind giving away a good bit of the icing to fund the pursuit of the former. All IMO only.