I'm not sure why you're so negative on the possibility of an improved offer.

Assuming they haven't sold any, Luxor, MMAM, and Centaurus own at least 92.4M shares out of 313M issued - about 30%. If those three can agree on a price, it doesn't take much more to go forward.

Last March, with gold $200 an ounce lower, underwriters were paying C$1.05 a share and taking purchase warrants for C$2.25 a share.

If you believe management's claim of $200M in infrastructure, it's worth $.64 a share and the approximately $48M of cash is $.15 a share. $.79 a share right there.

Not to mention, I hear they've found gold on the property :-)