...I don't think they were believing what they actually saw and then the delay.

I think this might be why the drills went in and then out again. They were contemplating doing the extra drilling that was needed for the improvements but realized it would delay another year to incorporate the results. They couldn't afford the delay because of the dilution, so they went with the delivery to Teck. If Teck turned it down they would own 100% and the dilution wouldn't matter so much.

I don't think we did get the full story, but now we're stuck here. It probably is a good thing that Teck has taken over. I think it will be done efficiently and professionally now...just how long it will take is anybody's guess.

I'm sure Arizona is for some tactical reason. Either it is to keep the whole effort cycling along for Elmer & Co., or we need some sort of story for the market while waiting on Teck. There are probably tax reasons associated with the anticipated buyout and spinoff and consolidation and dividend.

Elmer had meetings with Freeport down in AZ. I think they have the mine next door. Maybe we'll make some money out of it after all, even if we didn't invest for the project.