The stock has been quiet despite some good news recently. The commencement of Phase I of the 2013 drilling program at the Relief Canyon Mine property, and, more importantly, the $9 million funding has not had its impact yet. Based on the numbers presented in the 10Q, the funds seem sufficient to take it close to its objective of starting production in 2014. It had submitted that the company required $10.1 million for the balance three quarters of 2013. It got $1.5 million from selling its stake in Valor Gold, and as on June 30, the cash was $1.49 million. This surely makes the prospects better. Importantly, Barry Honig and Stephen Alfers have put in their money in the private placement which indicates their optimism about the long term future of the company. Another filing showed that Honig had acquired 75,000 more shares on August 21 to add to his stake. The funding is again at market price. More importantly, gold has done much better over the past few weeks. It is 15% above the low made in June, and has crossed important hurdles in the process. Gold mining stocks have done much better, with some of them rising more than 40% from the lows. So the outlook is better, and Pershing Gold has found funds for the intervening period till it gets close to production. The cost of production for Pershing is expected to be much lower than the industry average, which makes it more comfortably placed to handle future price volatility. The management needs to provide an update on its plans for start of production. If that comes soon, it will be a catalyst with cascading effects. Recently, there have been investments in development stage companies by the bigger players to take advantage of the valuations.