facts...not "opinion" and innuendo.

A Prolific Explorer and Emerging Producer
•Growing gold resources in NW Ghana ~1.7Moz
•Extensive under-explored Birimian land position
•Aggressive $20M 2012 exploration commitment
•Maiden Mineral Reserves – Q2 2012
•Feasibility Study completion – Q2 2012
•~100,000oz pa production early 2014 (Stage 1)
•Robust grades, shallow ore, non-refractory
•Low sovereign risk, established mining industry
•$30M cash and listed investments
•17% in neighbour, Castle Minerals.

Yes!... a delay into Q3 (a couple of weeks). Delays occur in any "forecast" timetable for various reason - Assay backlog makes a delay in Reserve definition a logical reason - flow on to Feasibility Study release to Market.

btw, 30 Million Cash and equivalents = 10c Book Value with any value for the 2 million Ounces of Gold at Shallow depth - The Resource update WILL be over 2 million ounce ( up from 1.7 million)

EV.... Extremely LOW = undervalued.