cash burn rate 1mil per qtr

SML spending on the increase with three drill rigs in place. You can't complain with that; this project is really starting to begin to move. A fresh and updated website is certainly a sign things are moving along.

Market Sentiment in junior gold explorers rock bottom at the moment, which explains SML's struggling share price.

With an updated JORC resource expected late 2008; and the SMLOC options only due to expire Oct 2009. There is room for an additional capital raising between now and then. Early 2009 would be my punt.

One would hope the directors can push the shareprice to atleast 4c again to cause minimal dilution in another capital raising.

I'm sure upon a JORC upgrade; the directors will re-iterate the target for a 100,000oz p.a mine with atleast a 20 mine life as quoted by Mr Sadler in a Boardroom Radio announcement earlier this year.