DevPts,

Put me in your column. A couple companies worked Pebble for years and spent a lot of time and money on it. Then NAK got involved in 01. They've worked it for 6 years, and spent a couple hundred million on it. Best case ---it's still 5 years away, there's a lot more work to do and a lot more money to spend(that spells dilution), if it ever goes into production. I'll take the pipes in Arizona any day. JV out Big Chunk, keep 1/2, let someone else spend a big chunk of money and a big chunk of time to work on it. With over 1/2 the pipes in the southwest staked, I think we've got a winner here.

skys