Hi Jokal, IMO. I don't think a J/V is in the works because all larger companies, be they juniors or larger, want the terms to be on their terms. This is true for buyouts also. Again IMO, If these companies did a J/V' the deal would be weighted heavily against Sage and we shareholders AT THIS POINT in time anyway.

Sage does or will need cash and they do not have a sugar daddy and that means they will need money. They have to, in this day and age, be very careful who they would go to for funds. Sage better have a contract that specifically says that the lender and their associates do not have any of those phoney hedge fund derivatives in their portfolio, otherwise that lender could go south and do much harm to SGX and its projects. I have to trust that as a financial guy, Nigel knows this to be the case.

Best wishes, Jerry

P.S. I have written Nigel Lees on the above and am awaiting his reply.