Hello Mark,

Another variation for your suggestion would be to spin off Borden, just the portion that contain the open pit and the HGZ, way up to the cottages, and we can throw in the 200m of the wedge as well (we'll do the dealing with the two sibblings provide they don't ask too much). Dave could hire an investment banker to make it known to potential suitors (not just AEM) that we are willing to entertain bids starting from $75/oz (75 x 8 = $600M offer?...now). Let the sucessful suitor do more drilling to increase the 8Moz to whatever, say 10+Moz.

Dave just walks away and do his thing with the rest of the land (a lot of promising land) in the Borden area to do more exploration. We are not in a hurry to sell Black Creek after raking in $600M from Borden Lake Central (or something). Just keep it there for a good offer from somebody (CLF?). Also, we would keep the odds and ends, the 45/55 JV with Lake Shore Gold and the 5% NSR with AEM, etc. and use this potential cash flow to top up the treasury (of NewCo) from the sale of Borden Lake Central, say $100M.

Let Dave keep $100M as his play money, i.e. to do some scouting/drilling (a lot of drilling for that kind of money) in the rest of the land package to find some more stuff for us. We share the $500M cash/75M = $6.666666/s. Instead of receiving the $6.67 cash/s we could take an equivent number of shares (take advantage?) from the suitor's. If we don't like that company then we can always sell the shares later.

Can you have a friendly tete-a-tete with Dave to convince him to take up this spin-off strategy? lol.

goldhunter