GW -- While I suspect you are giving a lot of thought to this, one thing I would be REALLY mindful of is your selling strategy if and when the permit does issue. There has been so much talk about how one would be dumb too exit too soon, not wait for the big players to roll in or for a buy out. I don't know what will happen. I know the inherent value should/will increase with the project fulling permited, but you never know if another unanticipated shoe will drop. For myself, I am setting out pps values at which point, if hit, I will sell a certain percentage of what I have, and if we by chance hit a relatively high number (say $8) I will likely sell everything. If it doubles from there, well, good for everyone else, I still will have made out well. Anyway, that is going to be my general approach, ie to not be too greedy on the exit. Excessive greed has rarely worked well for me in the past.