Rod Steel, regarding your comment...
"... imo the pie is too big to worry about dilution!"
Rod, I strongly disagree with this thinking. If the grade ends up being much lower than what we and GE think it should be, and/or GE can not get anywhere close to Ron Atwood's exceedingly low cost projections, it doesn't matter how big their 'reserves' are, or how big the pie is... This is exactly why it was critical, in my opinion, that Terry had to get rid of that onerous 18% royalty problem first. If Terry had done what Doug Mackenzie has been pushing for for almost five years now, this could very well have been the straw that finally broke the camel's back; you know, the case of the royalty holders coming out like bandits and us and GE losing our shirts. IMO Terry couldn't take this unnecessary risk.
Sure Rod, if the head grade is there and the recovery percentages and low costs can be achieved, everyone involved will do well. But, we can not rely on mother nature providing us with what we want, or even what Guido would like to see, or believes. Sure, it looks like the necessary head grade may be there, but this is not a certainty. If it was, Terry would have had no problem raising the funds needed to properly explore and develop the property.
Sorry for rambling on, but this is the point I was trying to make a few days ago: The importance of getting rid of that 18% royalty. This was far more important than fretting about what mother nature left for us and why, I think, too many of us here have overlooked this brilliant achievement of Terry's.
Ciao,
Robert
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