If a JV deal is struck with a major, the V/C guys essentially become irrelevant, assuming their role as minority shareholders at 10%, 11% etc. Good for them because they are not miners and ultimately need the same kind of exit plan we do (cash out, or trade for equity that is higher up the food chain). That is the most significant revelation, validates everything other than tonnage. But tonnage wll not be finite , perhaps in our lifetime, since they could still be exploring this mineral kingdom 50 years from now.  So, a JV relationship is the key to maximizing value, as it will end the short term "pay/dilute as you go", for a longer term growth relationship. So, if you believe in the situation, time is shorter than you think, because announcement of any L/T JV will bring on huge demand for the stock from the JV partner and those who like HIS story. Thats how a BHP got to $200 Billion and yet is still undervalued.A great piece of posting that can help us all make astrong decision now