red,

My sentiments exactly. Find a major who will make some nice payments and take on the costs of bringing one of the properties to production, while KXL either retains a reasonable percentage of the smelter rights or makes a similar arrangement to participate at least partially in any bonanza. Take the payments and use them to prove up another property. Rinse and repeat. Keep repeating until KXL has enough cash built up to start bringing properties to production on their own, or simply keep going as an explorer finding and proving up properties. Meanwhile, start collecting those smelter royalties...

An approach like this would remove all of the uncertainty and potential problems facing KXL right now. No worries about running out of money, and it frees them up to do what supposedly they do best, which is identify, acquire, and prove up properties. They do give up complete control of the properties that they partner with, but what good is complete control of a property that you don't have the cash to develop?

spiny.