Hi Mark,

Before I get away from the computer to bring in the New Year, there is another comment I have before the bubbly stuff would drown everything else.

Your post raised the following: "The bothersome value problem for any Investor is the Confidential Agreements, as witnessed recently by the Focus Deal (40KT’s over 10 years) Nothing else on the Buyer or what the Buyer is paying. One must really have trust in management.

Yes , keep the Buyer Confidential but all other facts and figures should be transparent, disclosed to all Investors and most importantly to ensure the Retail Investor has a level playing field. Retail are once again at a disadvantage trying to determine value of this or any operation."

To that I would raise this question: Will all the details on an off-take agreement come out in the wash when they do the PEA and the BFS, since the consultants doing the reports will need to use the actual information as stated in the "confidential agreement": the tonnage, the cost to produce the stuff in various flake sizes and purities, in addition to the agreed prices for various products, etc? They might even have to divulge the name of the off-taker for verification purposes. Without a rigorous and transparent application of the information, the consultant and the company will have trouble getting the PEA passed the Regulator and the bankers.

Happy New Year everyone, cheers!

goldhunter (off to dinner...someone said lobster tails with lots of butter... and lots of bubbly to burn off the cholesterol)