I agree that there are more varialbles than we can guess at. I remain convinced, however, that JB's first priority will be to retain as much control as possible through Phase I drilling.

On a related issue, I call JB having once said he would be interested in selling Hay Mountain at some point. Given that Hay Mountain is now suggested by updated geophysics as being very much larger than thought, if this has caused a turn-a-bout in that thinking.

I'm guessing so as what odds could there be of finding a better target? Besides it's not like JB will be precluded from selling portions and/or royalty interests as exploration continues.

VP