Hello Paddy, I can't comment on information that isn't in the public domain (I am after all, the public :-)),but the bottom line is dollars, tonnes and grade. Any company wishing to JV will presumably have to sell the idea to their shareholders and justify the likely expenditure and it makes a big difference saying 'we have a verified in-situ resource of x tonnes at x% Cu and x g/t' to saying 'there is anecdotal evidence of a large deposit'. These days it's all about verification, a high level of confidence and accountability; these are what sells a deposit.
The LDM could be a positive cash generator, but to know whether that is the case you'd need to see the requisite data (see my post 62337) and be able to determine its cash flow and profitability. If it did provide a steady cash stream or was able to finance phases of exploration it would certainly be of interest to a JV partner, but I'd have to ask - if you have a good mining contractor and a steady revenue stream, why would you need a JV partner? Simply employ a series of consultants to prove up ADL and sell it to a junior/mid-tier when the resource reaches what you deem a critical size. The contractors do the mining, the consultants firm up the resource, the shareholders reap the reward of a higher SP, etc.
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