Ann: Quarterly Activities Report , page-3

I can't figure it out myself. It all looked relatively good to me. Obviously they've had a few issues this past year, but nothing that wasn't telegraphed.

I'd say it's most probably concern over reserves. Plenty of good drill results though (in the M2 zone), so I'm confident that reserves will be replenished in time.

At present they have just under 4 years of reserve life left at Challenger, but drilling should add to resources (of which some should move into the reserve category).

They've stated that their objective is to maintain current mine life of around 4yrs by replacing annual production through continued exploration activities.

They'll be coming out with a revised resource/reserve statement at the end of August, so maybe it's better to wait for that. I'm in already though (at a much higher price unfortunately) and won't be selling.