On Timing to drilling at Hay Mountain -

I would surmise that the longer it takes to get to an announcement about drilling - assuming at least one of the parties to a CA will become a partner - the more likely it is that the partner will be a producer, as opposed to another exploration miner, albeit one with deeper pockets.

Explorers are in the discovery business and work speedily (at least in so far as funds will allow). For management, staff, investors the payoff comes with discovery. This is not the case for producers. It means that when producers go looking to an exploration projects to expand production (a rare thing in recent decades), their necessity to move expeditiously is not present. Why? Because...

1) Discovery often makes little difference in the share price, at least initially;
2) Discovery often does not change the remuneration package for management and staff; and
3) Existing cash flow and/or cash reserves overhang any sense of urgency.

In other words, any producer's executive committee can mull exploration options, or not, over several resort retreats, and then only shrug if they lose one such option to another company - no big deal. Time is not of the essence among producers, especially in regards to explorers with blind, or nearly blind targets. Look how long it took Freeport to diversify their way out of Indonesia.

Let's hope it doesn't take them, or another competitor that long to put a drill in the ground at Hay Mountain. Having said that, I think Southern Arizona is getting renewed attention among miners from around the world, given world class discoveries by/at Resolution, Rosemont, Arizona Mining Co., and others.

VP, thought for the day