Haywire asks,

"Sorry for my lack of knowledge on the topic, but the 1 or 2 of 100 juniors to make it to production, does this include or exclude juniors who are taken over by the majors. This would make a significant difference on your odds of at least a marginal success."

Excellent question,and regrettably, the answer is NO!

Since I did not ask JP ( or Dave Webb) how the explorers would have made it into production, I cannot say that Jim's ratio(and Dave Webb's too) of 1 or 2 in 100 might include all the explorers, even those acquired by a senior.

Haywire, thanks for reminding me of this omission in my question. I'll ask Jim and Dave by email and get back to you.

Bares