"There might be a pop when the deal is first anounced but then (imo) the share price will languish for years as they go through environmental studies, planning for construction, eventual construction, start-up, etc., etc."

I'm not disputing the possibility of this statement, but I think that you would have to consider this on a case by case basis not based on what others have done. This is the ROF and there is nothing else like it. It really depends on how sexy the scene is and how circumstances play out. It really depends on how desireable (sexy) the find is. If we're talking tin, I might agree with you. If we're talking multi-metallic with pge's et al at mouth watering percentages, maybe not. My guess however is that our BOD will not be looking for a JV unless there is provision for an equally mouth watering buyout which would entice investors to buy in for that eventuality. I would expect the BOD to take it to the brink of being a mine and then selling, though they are indicating that they are becoming a mining company not just exploration, which will accomplish the aforementioned.