We have the same concerns but I have a suspicion that a lot of what is going on has to do with a third party, presumably Newmont. It makes sense for them to buy up to 50% of SC. However I also suspect Teck and EE have advised them that it will take about $850-$1 billion dollars for our 25%. Newmont says prove it and we might be interested. However they don't want another major getting in on the action so suggested to Teck that all numbers be lowballed, hence the overly conservative ltp on all metals and only using 60% of reserves. EE knows that the numbers will eventually add up to his fair value so he sits patiently and waits for the big day. If metals do go ballistic this year Newmont might pull the trigger. If not we wait and wait.

Still confused about VD. It's an albatross around our neck that will kill us with another pp. Get what you can for all the Arizona properties and focus on EH. Apparently they turned down $11 million. Try and find a buyer for double that and move on.