L'ecole and Baires: Interesting question. The NR says the Sutter deal was under scrutiny and negotiation by the Tyhee team for a year, so it is a slow process and as we saw with Santa Fe can be uncertain and risky (though I see the SFEG situation as delayed rather than a miss), and the transaction costs at the point of beginning to search for such opportunities are high.

But we are getting through that start up high transaction cost phase, and if having developed a network of information, people and opportunities, and having learned the ins and outs of the m&a process Tyhee can reduce the transaction costs of acquisition and merger significantly enough, what you are suggesting would seem to have potential. The Tyhee team seems to work welll together and there is a huge reservoir of specialized talent and skill there, now backed by capital, so why not? Makes it sound like an emerging Waterton or RMB. Why not? I do think as well that some of these "small" operations like Sutter will turn out to be much bigger in the end. So what would they look for in a candidate? Relatively small start-up operation that makes some money and with big time potential in exploration just as you say. Sounds good to me. Ike