If our collective assumption is ...that waiting till after Xmas to start drilling, doesn't make sense nor does it add up from a math perspective, is it possible that something behind the curtain might offer an explanation?

Does Xstrata need extra drill results to step into the game, if they execute the metallurgical analysis, witness the results first hand and make a decision to act based on that. We know that time is as much a factor as various chunks of information that may or may not have the dramatic effect that is anticipated by all who are waiting with baited breath... hahaha!

But seriously, if talks between companies regularly go on behind closed door, way before results are published, or offers made, then is it not sensible for shareholders to assume that there may be a logical but less obvious reason for delaying the drilling.

I totally agree that starting in Jan 2011 leaves very little time for any kind of anomally or unforseen delay, but I also assume that the decision-makers at KWG have completely factored this into their risk analysis...which leads me to conclude that the delay until Jan 2011 carries less weight, than timing and posturing, as it relates to JVs, take-overs bids, spin-offs or material developments.

There are so many good possible scenarios and combinations, in this case that it is difficult to imagine that as shareholders we would perceive a level of risk (in the delay of the drilling) that would pass unnoticed to the eyes those who are studying this project full-time and from every angle.

IMHO the drilling results might become moot, once we get to the tipping point where potential buyers (Cliffs, Xstrata or other) perceive that it's now or never...and let's not discount the attention that possible news about the RR, gov involvment and / or a financial influx from overseas would have the urgency with which an offer would be tabled.

Add to that the fact that Cliffs in comparison to Xstrata, cannot act as swiftly given their major shareholder status; which means that if they plan to do something, and perceive that Xstrata is loitering in the lobby, then they have to give themsleves more lead time, so as to prevent from getting cut-off at the pass. My assumption is that they (Cliffs) would be very vulnerable if they were to reveal their hand, only to find Xstrata aggressively bidding for the chromium assets of all the players. (KWG, SPQ, Freewest, and Probe).

Discussion welcome...have a great weekend!

LP