Planned spending is often far short of what will actually be spent. There seems to be a bit of a game played in the doleling out of jv's and the requirements in those agreements for money to be spent. Sounds good all these JV partners but sounds better than it is in fact.

Here's what actually happens. The junior raises a bit of money based on the claims optioned and drills a limited number of holes. If something is hit then they go back to the well and raise more money to keep drilling. IF they don't find something fairly easily and quckly then they walk away and let the claim revert. In many cases they lose some shares tendered as part of the jv agreement and don't seem to cry too much over that.

They all do this, sometimes never spend one red cent on the optioned property.

My problem in assessing the worth of say the Noront jv partners is looking to see if they have the money to do what they agree to do in the jv agreement. None have the cash and if they can't raise it they will have to walk away as can't complete 1st years commitment.