RE: Drilling postponed at Poncha.I think it was the best decision under the circumstances. Much better than what happened at Amera Resources where they simply ran out of cash and the stock is now 2 cents.
The alternative would have been to spend $2mm on a drill program, announce the results, and then do a private placement at whatever price the shares were trading at that time. The results might be poor. The market might be poor. But GRG would have to sell stock regardless. I think it's smarter to wait until the financing outlook improves.
$2mm cash in the bank + $2mm/year in Gualcamayo royalty payments that will start in 2009 (Yamana's forecast of 250k/yr production at $800/oz times 1% NSR).