Hi Yankiwi, yes, I agree the shareprice shouldn't drop too much from here, although I've said that before when it was at 25c and 35c. I continue to monitor my main share investment (GEL) carefully, but I have other investments.

Have a look at the books for the last 9 months, it makes clear that Dunstan Mining might have been short on cash to pay its bills at the time of takeover, that the price GEL paid was made up in permit valuations and fair value of equipment. GEL had to pay those Dunstan bills I guess, then start making monthly payments to Bob Kilgour after the one-off payment. Except it's unclear whether they are up to date, because as at 30th Sept there was a bigger than normal current liabilities amount for the mining company instalments, equal to 12 of the payments.

Don't get me wrong, these are not big amounts compared to the possible returns from a good placer permit. But I'll be breathing easier when the placer returns swamp out these new capital overheads, some of which will not run for too long anyway. Neavesville is another claim on the gold profits if it goes ahead. I'd like to see some strong indications of a focus on gold returns from the placer permits, before GEL hares off on too many exploration fronts again. If the company has the placer cashflow, exploration without shareholder dilution will be easily achieved. Shareholders can then sit back and be fairly comfortable in ticking the shareprice up on any weakness.

But at the moment we're wondering whether there's yet another private placement needed.