OK, so we JV a few pipe targets to avoid dilution and get exposure to more drilling at a faster pace.

With the share price so low right now it sure isn't time for the company to raise money itself.

That's all fine with me, even though I would prefer to see the company hit pay dirt and then raise money itself at a higher share price.

But I suppose my complaint in all of this is that our partner doesn't carry any weight in this market. Mesa JV'd their pipe targets to Energy Fuels, former operator of the past producing mines in this area. That suggested to me that Energy Fuels geologists knew the ground and knew the targets and liked what they were getting. I bought more Mesa because of that partnership.

Xstate? Formerly Oriental Crystal? This really inspires my confidence.

Xstate's Directors:

Ross Kestel, an accountant

David McArthur, an accountant

Douglas Wood, an accountant

So this is how the JV shapes up. Xstate agrees to solely fund 2.9 million in expenditures, but RAISES 6 million in Australia for a share of just a few pipe targets:

"In order to earn a 50% interest in the Joint Venture, the Company has committed to sole fund expenditure of up to US$2,900,000.
The area that has been allocated to the Joint Venture by Liberty Star covers approximately 22 square miles (57 square kilometres). Within this area, there are approximately 20 prospective uranium pipe targets, of which three have been initially allocated to the joint venture and the balance are subject to a first right of refusal in the Company’s favour. "

and their offer was oversubscribed and they "accepted" 6 million!

So in Australia investors looked at our pipe targets and said 50% of 20 of them (or 10) are worth 6 million, or 600k a piece. We have 350 targets, or so, suggesting that all of our pipe targets combined are worth 210,000,000 to Australian investors. Of course this doesn't work exactly that way because some targets are better than others, but you get the idea.

So why haven't we seen more recognition of this in the market? That brings me back to "Who is Xstate anyway?" Granted these accountants have experience raising capital for other explorers, but the JV hasn't done our share price much good. I have to admit though, the Energy Fuels JV with Mesa hasn't done Mesa any good either.

Just grousing... and researching...

Geo.