LAKE SHORE GOLD CORP 6.25 PCT DEBS T.LSG.DB

financial Liquidity is still the big problem,.

[yoda2]

The continuing reference to lsg becoming cash flow self sustaining in the not too distant future, highlights the current reality that LSG continues to burn more cash than it takes in.  One operational slip, a large drop in the Au price or an unanticipated calamity could each put the company in receivership, potentially.
In the recent Denver gold forum presentation mention was made of the current cash position but no mention was made of the more important "working capital' position. Other companies seem to normally disclose their working capital position(see OSK for example in the same forum). The lack of disclosure by LSG may not have been unintentional. Could it be that LSG is chronically cash strapped? Tony M seems to indicate so many places where he would like to spend money: exploration drilling, further expansion of the mill, etc..  But he can't because there is no remaining financial capacity. And he will, likely, as soon as it lokks like money will be available.  
The market does not seem to have much interest in TM or LSG at this time as indicated by the shortness of his presentation and the almost complete lack of post presentation questions. 

Interested. watching , crossing my fingers,  and hoping for the best.