The difference between the Cluff/Samsung and Colossus/Sandstorm deals appears to be cash flow. Cluff got good terms without hedging likely because short term it has the ability to pay the money back, while Colossus - though very close to production and it has probably the richest property in the world in gold, platinum and palladium - does not yet have a producing mine. However, Colossus is up 10% early today, the $60 million immediate cash made all the difference. Ike