I share your concern about the cash.

Carmax seems to be a bit of a money pit because it is a large porphyry system once again, and it takes a huge amount of money to get to the point where it could be sold. I wonder if those Carmax people have worked out how much they would own if CUU, or someone else, put in the money required to prove this up?

I did ask Elmer about Carmax last time I spoke with him because I don't understand the plan. He said something about how it wouldn't have to be taken to the FS stage, or even close, in order to seek a JV for the funding.

Anyhow, that's in the more distant future and we have to be more concerned about the next couple of years.

We are very close to finding out the Resource Estimate for Van Dyke. If it comes through anywhere close to the historical 1.2 billion pounds that is going to look like money well spent. Even at 8 cents a pound in situ, like some of the more recent sales we've seen, that is a big upside. From the RE they move to the PEA and then attempt to sell to a Major.

If we could partner or sell then we would be a big(ish) player (in the junior world, anyway) at a really bad time in the markets. I know this scenario seems a bit dreamy in the immediate future, but that's how things are done. I'm reserving judgment on VD until the RE is produced. At that point, if all goes well, we probably won't mind the cost of the PEA.

All I know is when you talk to them there is no dilution or consolidation planned. That seems to be a fabrication of some people who troll the boards--that sounds harsh so I wanted to add, people who have experienced it through their other stock choices and now perhaps expect that is normal overall.