Most of these JV's did not cost anything to NOT.

The JV's took all the risk and gave money to NOT for the priviledge.

It is not surprizing that they did not hit. It was a longshot or Nemis would not have given them a shot at 50%.... but it was worth a shot.

Still, they are not failures. They drilled a few holes and came up empty handed. That could just as well mean they drilled in the wrong place. Drilling is not easy, the ore does not give itself up lightly, and is expensive.

Still, I wish they had hit. Would have been sweet.

BK