First of all, our management will never let us get to zero dollars. When we have spent the bulk of that money, we will have/should have a resource estimate indicating how much gold we have and what degree of certainty can be applied to those ounces in the ground. For the definition drilling, we are looking at 12k meters of drilling plus or minus 2000. That drilling will be done this year and that will get a us a nice check back next year from the government of Quebec.
Once we have a resource estimate, we will be in a much better position to sit down with institutional investors and negotiate another PP but at a much better price than we are now.
Cash is king right now but there is lots of value in many oversold companies. I think once QE2 finishes and the sky does not fall, we may some money come back. Greece should be solved (at least pushed down the road some more) by then, the debt ceiling will be next after that but that is politics and I am not as worried about this one as the first 2 that I mention.
I think placing some good bets on oversold companies like GNH will yield some very decent ROI in the next 3-6 months.
Glorieux
