Buffet is obvioulsy correct, but these companies are not buinesses (yet), and we are not investing in any business. We are playing a very sophisticated lottery, and it does not what kind of an idiot (management) is holding the winning ticket, because as long as you've a share or a cut of the prize, you're a winner too... And that's all that matters.

Right now its game of probabilities... Who cares what they sold their PP for? Yes it it wreaked of a giveaway to some select heavyweights, but at least we've now got their cash to drill.

In the final anlysis, it does not make damn difference whether the PP was t $0.40 or $0.70 because if BMK hits we all win, and if they don't...  

A good laywer once told me never to take issue with things only as matter of principle if its going to cost you money. Certainly, not a buying a BMK lottery ticket is not going to cost you money, but on the other hand, if you don't, you eliminate your chances of making any money...  Lotto 649, "you gotta play to win."  

To be sure, what you need  to understand right now, in the context of the Mc Fauld's Lake 'lottery' is that we do not need managment for success. Rather, all we need is someone technically competent enough to raise cash and identify the correct anomalies on the latest geophyics survey results and drill them. i.e, geologists - that's it.

In fact, most junior ming companies are run by geologists, who are typically pathetic managers, and if they have spectacular technical success (indentifying a new mineral deposit), as the  companies they control make the transition into real businesses, i.e. mines/producers of something for profit, invariably the geologists are quickly replaced by engineers and business types who understand how to make money,  and not just spend it. 

I bought a good chnuk of FNC without ever talking to Peter Smith, and its unlikely I ever will. Why? All I had to do was look at the geophysics to and a property claims map to see that FNC have a significant portion of a continuous anomaly  in a claim that adjoins one of the most signficant discoveries in Canada since Voisey's Bay. Seriously, who gives a f**k about Peter Smith's management capabilities, his character, his religion or who he sells any shares to at whatever price? All I need is for Peter Smith to drill that anomaly for me to know if lmy ottery ticket is winner or a loser, and given that he has a Ph.D in geology, I am sure he'll 'manage' that just fine.

Regards,

B.