If this Metal Mines spin off does get completed and through all the regulatory hurdles, and if there is no money thrown into their coffers from those at ISM, it would come across to me that there won't be any drilling.. period.

If their is no money, and no attempt to raise money to drill, then I would say we are probably closer to having a possile suitor take the Micon report at it's word and simply price in the inferreds and possibles as such. As such it may be wiser and more prudent to hang on to that money. I am looking for the term and think "blue sky" is the word for the extra targets. Are they any less "blue sky" if Micon's assessment even boldly put it on paper(43-101)?

"'Blue sky' represents the future exploration potential in a prospective area. In a business combination sense, it may represent the aggregate potential of all the exploration and mining rights held by an acquiree - in other words, the possibility that economically recoverable reserves (or further such reserves) may be discovered in an acquiree's exploration portfolio.

It is unclear whether such 'aggregate' potential should be recognised as a separate asset, or subsumed within goodwill. If recognised separately, should it be allocated to individual areas of interest, and on what basis? If subsumed into goodwill, how is the 'individual' blue sky for each area of interest segregated from the 'aggregate' blue sky for the entity as a whole?"