Excuse me, wrong term. Kinross exercised their warrants; so sez the folks in the office. VIT office also sez Kinross % has grown to 28%.

You're taking a bunch of hypotheticals as though they're statements of fact. We all know Kinross doesn't own 90%, but it could, through a series of financings. Kinross owning 90% is a hypothetical based on the notion that Kinross' % will keep rising from its present level of 28% IF VIT keeps returning to the Kinross trough to get financing. IF VIT keeps going to Kinross for financing the actual float will increase while the de facto float will not since Kinross not be trading its VIT stock. The increase in the actual float will be more than matched by the per share value of VIT as VIT develops its properties courtesy of Kinross money. There could be 2 billion VIT shares out and the SP could still be much higher than it is now if the net worth of the company grows exponentially.

Again, VIT exhausting itself on exploration is a hypothetical. It could very well be that VIT management is pulling back on the exploration expenditures precisely because it doesn't want to leave VIT in an untenable negotiating position vis-a-vis Kinross.

Certainly drilling and getting fantastic results would improve VIT's position in negotiations but if and only if VIT doesn't go flat broke getting those fantastic results.

Both VIT and Kinross may be reconsidering their relationship; this could explain VIT's slowdown in exploration and Kinross' holding back on PP involvement.

IMO the contract with Kinross will be rewritten.