"Cash is scarce in this sector. If a company is going to make an acquisition, it is going to make an acquisition primarily with shares. One of the biggest questions for junior companies right now is cash. There is an ongoing debate among exploration company management teams: Are shareholders better off in a larger entity that has the means to develop its assets or are shareholders better off sticking it out in the current environment and hoping for better days?" http://www.theaureport.com/pub/na/16403