deterioration of reserves, page-2

You, and CFC, may well be right, but we'd need to see several months of uninterrupted sulphide ore mined from the Zeta pit to get a firmer idea. The independent valuation is working on a 48% conversion of the inferred at Zeta NE, 39% at Ophion and 23% at Selene. If these actual resource numbers come in under, maybe $1.70 would have been fair value. But these numbers won't been seen for quite some time, so you're really punting at this stage.

If CFC is willing to pay $1.70 I take that as a vote of confidence in the above indicated reserves converting successfully, and/or continued exploration success.

At this stage I won't be giving up my holding, but that's irrelevant, will be interesting to see what the institutions do, some commentary either way from them would be much appreciated. I guess the long they stay quiet the more stock they can pick up for their funds/clients at a discount.