The reason I ask is if we spun this off, raised some cash to upgrade first and then PFS (if the payoff was significant) it might make sense? Spend 6 million to get 20 back?

I don't know off the top of my head. But, I do know that time is money and if we could get the PEA produced quickly and then sell for $40-$70 million, as Sibiu says, then not only should Elmer be considered a junior mining stock God(let), but maybe he could go off and do it again within two years. The payoff from buying something at this point in the cycle should be far greater than the $14 million that you project.

If I were to make this decision I would definitely go for the quicker results.