My added thought is that a spinoff off the nickel properties is a natural precursor to a buyout of Reed Lake . First, because the likely interest in Reed Lake will not want to pay much for Ni exploration properties. And secondly, it takes a little time to do the tax work. And as you suggest, it is better financially, to make those ni expenditures stand on their own in a financing market that remains bearish for the best of speculative ( and even less speculative) plays.