1.  During govt. negotiations ARU will lose some of the land they currently control in order to get permits to go forward with FDN.  Then there will be a share exchange with a major.  Current shareholders of ARU will end up with just the paper of that major & nothing else.

2. It would be interesting to know the aspirations of management.  With 15% of ARU they could have great influence on developments.  Do they wish to build an empire or cash in on their good fortune & get on with something else???

3.  As I recall ARU has a current burn rate of about $40 mill. so they can easily make it through another year without resorting to equity financing.  Agreed it would not be in shareholders interest to increase equity until agreement reached with Govt.  

4.  A financing or a deal with a major can't occur before Govt. agreement.