Silverback, c'mon buddy, you're playing devil's advocate and you know it! No major instituational buyer or major mining company in their right mind would ever purchase a junior until a property has been drilled and assayed.

$115M shares x $30/share = $3.45B.

Do you think a Newmont employee would approach his senior mgmt with a proposal to purchase a junior for $3.45B when the property hasn't been drilled or assayed yet? Can you say "fired on the spot"?