The private placement is not great news, but it is not bad news either. We all knew that GNH was running out of money some time in the near future. We could either get it now at this price or hope that market conditions improve or we have some great results on future holes. The problem with waiting too long is that if you wait till you spent every last penny, you lose your leverage with potential investors. I am more comfortable making a small private placement at an OK price. That way, we are not too badly diluted and we can go another year or so before we have to worry about more financing.

As far as the market reaction to the drill results, I was mildly pleased. There is virtually zero excitement in the markets for drill results these days. I am comfortable waiting for the resource estimate now. If we dip down again I may buy more.

Bob