They have focused on Nevada and they’ve got their in-house team of people who are out there doing grunt work on the geological side to identify potential properties where buried gold deposits may exist based on their interpretation of fault structures and their intersection and their relative location to known deposits like Cortez Hills ( mill is not a relative location to Cortez hills it is located RIGHT next door) and so on. They also have a policy of making their nickel last a long time because they do the early stage work( chad being very careful with each dollar til the market storm passes), they dress up the target, and then they farm it out to other companies which may be more promotionally minded ( we may farm some out and develop the others on our own). A company like Miranda—we call them a prospect generator type of company—keeps generating prospects, and they farm them out to others to spend the higher risk capital. The tradeoff is they don’t control the project while it’s under option to the other company and they end up with a lower net interest, but they keep repeating the cycle over and over again.

The market’s not very interested in this, but if we do get a significant move in the price of gold, the number of ounces-in-the-ground type projects is quite limited. Those will all go up substantially and then the market will wander down the food chain and start throwing money at those companies which can generate drill targets ( we have enough drill targets to last a lifetime, to quote a geologist from a past interview, which was before we even had gateway or strata properties). Even if gold doesn’t go up, they may make a discovery tomorrow where suddenly this company goes up and delivers huge gains to the speculator.

Miranda Gold has about six to ten projects that they’ve got in their portfolio ( we have way more then 10 projects). Half of them are farmed out. Some of them have recently been dropped by companies that cannot raise the money. But each one of them right now, depending on whether they net 50% or 40%, is carrying a valuation of, say, $18 to $40 million. The failure of one does not make the stock go down. It’s a statistics game. A company can toil doing this forever and never come up with anything. But then it could finally get lucky and one of its farmed out projects could deliver that huge hole, and then it doesn’t matter if you have a 40% or 30% net interest. Your $40 million valuation will go to $4 billion, which would be a 100 times price increase. ( Victoria is still a little cocktail party that is just beginning, when we're done it will be Carnival on a beach in Rio, in my opinion.)