Let's just do the strato-math on it.

If the original hypothesis was correct and the JV turned out to be double the size of Eagle1, we would wind up with one eagle and 1 double eagle. NOT would own half of a double eagle plus one eagle, which would add up to 2 eagles. FWR would own 1 eagle.

If, as some say, we ignore the chrome (which I disagree with), then the value ratio would be 2-1 total value. However , if you reduce it to a per share value, the ratio changes to 3.34-1.

The above scenario is not meant to suggest that there is any merit to either the chrome having no value, or that the JV has anything going for it. However, I draw attention to the original surveys that suggested that they drill eagle 1 to start with. They have used untold other systems to aid in locating additional nickel in the area, all unsuccessfully. This original method showed Eagle1 for what it was, but it also provided the same signature for the JV prospect, but twice the strength.

I am still trying to logically justify the decision to go after FWR at this point in time. I do not have an answer as to why. Now throw the decision to drill the JV while this other thing is going on tends to add to the mystery.

In these situations, I always revert to my mainstay, Robert Service;

"There are strange things done, neath that midnight sun, by those men who moil for '?'."

Good night

K