This is the way I see it......

First we need something that warrants the capital cost of the infrastructure.....beginning with the minimum requirements.....perhaps something which justifies an ice road in the winter months or something like that....it appears management is attempting to make a case for a minimum amount of infrastructure at this time with respect to DE 1....perhaps a concentrator which would decrease shipping costs of the concentrated ore

Now, add to the mix the Chromite......now here it appears we add value to the chrome by incurring additional capital costs....more value by concentrating the chrome and further added value with the addition of a smelter.....it appears, however, the smelter comes with a hefty capital cost

Now, add to the mix eagle 2....lower grade and on it's own would not likely warrant significant capital costs..... but once the capital cost is justified, would be worth mining and will add value only if and when that occurs

Now, add to the mix AT 12.....still remains a big unknown....at this time, it would appear the market offers little if any value for this

Other considerations have to include other deposits found by other area players.......800,000 tons of better than 3.5% copper on it's own would not warrant significant capital costs, but it does warrant perhaps some shared costs.....and there will be other deposits as well.....all will contribute perhaps a little towards some shared costs

Then we have the government....an opportunity for the government to make some committment in creating employment for the native communities in the area....it is encouraging to hear recently some discussions of significant investments by the government towards infrastructure in the north

We're not there yet....but, we are getting close....the market will let us know when we have arrived....I think upwards of $20 will be a reality once the initial capital costs are justified