Valid points Garth. I completely agree on your synopsis of the NPV, someone will likely keep bidding up if it fits their model of profitability.

As to the shares as value, very common in mining buyouts. I recall owning Western Silver many moons ago around the 2004-2006 time frame (going totally from old memory here folks, i have no pensieve to look into). Western discovered the large silver/zinc Penasquito project. In the midst of that discovery the stock went from $1 to $5, back to $1, then close to $10 then back to $5, it was a rocky ride. Then Glamis bought them for about $22 in a share deal and a very short time later Goldcorp bought out Glamis so the Western Silver shares ended up at that time at a $28 value.

The project value was eventaully shown in the stock price and in this cash the buyout was an all share deal.

I am getting tired of going over these numbers over and over again though. I won't post nay more numbers until we see news. Sorry if I have seemed repetitive.