It's simple really. The pp is not closed because they have to pay for the services to get the peer review and there are some payments left on the BFS. There's diddley squat we can do but wait or sell (or buy). There's expectations that the BFS will be pretty much the same but that can't be possible since we gained 30% quality with last year's drilling. Average that in and combine the improvements for the starter pits and it has to be better. Can we cut off more of the lower grades and get a better IRR? Yes. The real selling feature is not in the BFS. It is just proof positive that the project can make a dollar even in todays environment. Most of the fear factor is due to Nova extending the timeline to sell. I know that many people expected a combination deal and are afraid that Teck will take a royalty and walk. That would add months to our timeline or so it is believed. The office is probably getting calls over this too.

Technically we have nothing to do with Galore. It makes me wonder if Nova is getting the same calls. Are people choked at them because we didn't BFS the crowd and cause a multi property deal? It's silly really. Just who do they think was looking at Galore? With the giant capex it has to be 3 of the big majors. 2 in particular have expressed a desire to get into Canada's West coast. All of them site nationalization as their biggest fear. I think it the division of assets and how much they will pay. What's half of Galore really worth? 200 mil compared to a 6 bil capex? I don't think it's the deposit cost unless Nova is really being an idiot about it. Perhaps they don't really want to sell.

Is the market always right? Most of the time it is. In pure fundimentals minus the grip we have through the contract the market is close to correct. We'll have an idea in 10 days or so and the full picture near the end of Nov. I called for a 3 week delay because we should want to get past the US Elections. That would be smart. If the paper forces us on the market before then so be it.