For those wondering about the current dilution, suggest you read thelatest Management Discussion & Analysis posted on SEDAR just lastFriday. 

Key points from my perspective and based on just my first read are:

- Company successfully raised $4.2MM in 6 months (in the middle of the recession)
- Nearly 8MM warrants were exercised in the last half of the year
- None of the PP was flow through share money, therefore it is not reserved for exploration
- The company therefore had $3,269,533 to spend on whatever management wants.
- The book value of the shares was ~
.082
- The company began paying cash compensation to its directors.

Details on Current Outstanding Shares

- 7,953,000 warrants were exercised resulting in 7,953,000 new shares being issued between June and December 09
- 34,100,000 more shares were issued from private placements between June and December 09
- 650,000 shares were granted as "finder fees"

Total outstanding shares 162,957,633 as of December 31/2009.

Details on Warrants & Options

As of December 31, 2009 there were 7,700,000 stock purchase optionsissued to management/board, and we know additional units have beenissued subsequently.

As of December 31, 2009 there were 55,186,275 warrants outstanding.Subsequent to that on Feb 11th and and again on March 10, 2010 a totalof 4,537, 000 warrants expired.

As a result, at the end of December 31st, 2009 the company could befully diluted to 225,843,908 outstanding shares.  By next week thecompany will have about 221,306,908 fully diluted (I've not factored inthe most recent management options).