Checking in.... In the area of NKL undertaking a PP, I'm of the opinion that it will entail a two tier proposition.
Given the low stock price and current JR environment, my thinking is that the initial PP will be minimal and just enough monies to begin the 2013 drill season. Included in these drills will be something to keep investors interested like exploration drilling outside the existing resource area (ie: the Far West, Quill and or Burwash areas) and of course, infill drilling.
As those drills are turning, and by mid-summer, I think the expectation is that platinum and PM prices in general will be higher, NKL's stock price will be higher and greater investor enthusiasm will be present in the marketplace that will usher in a bettered environment for a more substantial PP. If so, this one is apt to be more infill based but will also include some exploratory drills. By the end of the summer, a new resource update and updated/revised PEA will take center stage investor interest wise as those have been indicated in Q1, 2014.
In following other concerns, many are pursuing a two teir PP proposition and many are thinking market conditions (ie: PM prices) and higher stock prices in the JR market will usher in a better environment for undertaking PP's. The catch 22, imo, is that every company out there will be chasing the same PP money where only the higher quaility properties are apt to get the money. Wellgreen, imo, is one of those properties.
With respect to pricing the PP, most everyone here is forgetting that most PP's entail a weighted average of the stock price for the past 30 days, discounted and in most cases, offer a warrant kicker. In the case of NKL, the 30 day average stock price is $0.92 per share. If discounted by 10%, a PP price area of $0.83 per share.
To close, I think NKL has bottomed. Until word on a PP, we are apt to chug along. Past observations, however, suggests that we are long overdue for a mysterious jump in the stock price. Given how thinly traded NKL is and the small float that still exists, it will not take much to push these shares back over $1.00. On the reverse side, I think it will take a lot of selling pressure to push these shares lower. As long as the stock price is below the 30 day average, I think there is and will be enough buy support to suggest a bottom. As always, time will tell.....