I think you've forgotten one very important point touched on by others here and that is the human element....greed!! I believe that the BOD is no different than the rest of us and we are all "greedy" to some extent. The name of the game is to make money and as much money as possible. I agree with you that the door to a lowball offer may open if all the factors you describe remain or come into play but I don't think the BOD will sell themselves (or us) short. Do you really think these guys will cash in for a Big Mac when they can have filet mignon? Do you really think any one of them would prefer to wander around in semi-obscurity when the potential exists to have their name in lights when the ROF finally explodes? Most of us here feel that we are watching as Canadian mining history is being written. IMHO, Hamilton et al don't want to be a lousy footnote somewhere.