Didnt notice this before, but their MDA in Feb and jsut now for May in " Liquidity " is verbatum except the Cash figure. I never read the Feb MDA,  but thought the May mda Liquidity wording was significant. Now I notice its the exact same words. When they're down to theyre last   $1.5 mil , and to say that'll get them thru the Year... Is that confidence, a cavalier attitude, or maybe sloppy/lazy reporting to just  cut and paste the Liquidity section?.  I am  hoping ( reaching)  they have the same Buyer on the Hook as in Dec/2011.... Remember  in dec, they were supposed to have a deal on the Table for signing,,,, then the Elections came Up as an obstacle, then the ESIA approval  by the new Prez,  then the JR mkt crash, then the UD perhaps became a negotiating Point?? Take a look:

Liquidity   MDA  (feb 2012)

The financings completed in August and November 2010 provided a significant cash position to the Company

through the current date. Exercises of share purchase warrants in the fourth quarter added $864,855 in cash

proceeds as set out in the Statement of Changes in Equity. The Company’s net working capital position at

February 29, 2012 was $4,064,839. We believe this is sufficient working capital to finance the Company’s

operations for the balance of the 2012-2013 fiscal year. If a transaction involving the sale of the Company’s

interest in the OJVG Gold Project occurs or is agreed to within that timeframe the Company certainly expects to

avoid the need for further financing. The sourcing of such a transaction is currently a topic in management’s

efforts, and in those of our joint venture partners. Management of the Company has a long demonstrable track

record of financing if, as and when required, in both good and bad capital markets.

_________________

Liquidity  MDA  May/2012

The financings completed in August and November 2010 provided a significant cash position to the Company

through the current date. Exercises of share purchase warrants in the fourth quarter of the 2011-2012 fiscal year

added $864,855 in cash proceeds. The Company’s net working capital position at May 31, 2012 was $1,686,952.

We believe this is sufficient working capital to finance the Company’s plans for the balance of the 2012-2013

fiscal year. If a transaction involving the sale of the Company’s interest in the OJVG Gold Project occurs or is

agreed to within that timeframe the Company certainly expects to avoid the need for further financing. The

sourcing of such a transaction is currently a topic in management’s efforts, and in those of our joint venture

partners. Management of the Company has a long demonstrable track record of financing if, as and when

required, in both good and bad capital markets.