Thanks JQ, I agree that my estimate is much more bearish than others but most of it is still because of the uncertainty that is currently in the market. Once results are out for the current quarter, things will change but it should still take a few months to have to appreciation in share price because it will still be day traded. Close to a 100% appreciation by year end in share price from todays values is an amazing return. We had a discussion about the pros and cons of shareholders rights back in May. I for one am against it because it can actually limit what the potential premium paid will be. Also, these so called poison pills do not always work.

"Since 1997, for every company with a poison pill that successfully rebuffed an unwanted advance and remained independent, 20 pill-protected companies accepted takeover offers." http://www.cfo.com/article.cfm/30013...

I do not want to see this company bought out until its full value has been realized and then the premium added on.

If more joint ventures are required, it would be a much better way to pay for the exploration and development costs. (IMHO at least)

Cheers,

Johnyboy