I see this as a positive development.

PEM now has the funding to fully drill the OSZ (and perhaps develop a PEA). Prior to the JV, that wasn't going to happen.

When the drilling outlines the large resource we all believe is there, the price of PEM will be much higher. Now that price is only going to be based on PEM's share of the resource (49% or 25%) but a percentage of a valuable resource is much better than 100% of an undeveloped nothing.

The only other alternative would be a buyout. And if that happened now, it would probably be for about $.10. Only people who bought recently would make money. Those of us that were here for the long haul who be skunked.

Believe me, I wanted PEM to take this baby all the way (and invested accordingly) but I think that, despite the best efforts of PEM management, we were not going to get a better deal.

I see this glass as half full.

- panamax