"So you see here is an unproven deposit being gone ahead on when it is not sure that it will even be viable. All Trevali really has is a resource estimate, yet there is the considerable Glencore interest."

I'm sorry, Sculpin, but what you say above is very misleading. For those who don't know, 43-101 resource estimates have different categories based on drill spacing. For example the inferred and indicated category means they have not done enough infill drilling to confidently move the deposit to the measured category. After sufficent infill drilling occurs you eventually reach the proven and probable category when it is finally called "mineral reserves."

You can read about it here: http://www.cim.org/committees/cimdefstds_dec11_05.pdf

The 43-101 rules came into effect because of the Bre-x fiasco, and because of it, companies are required to say that deposits are "conceptual in nature" until they reach the "mineral reserves" category. It does not mean those mineral reserves do not exist as Trevali clearly shows, as they currently have two producing mines. In addition, Trevali's "conceptual" deposits contain an indicated resource of 1.7 billion pounds of zinc, 530 mil pounds of lead, 41 mil pounds of copper, 14.5 mil ounces of silver, plus an additional inferred resource of 2.8 billion pounds of zinc, 607 mil pounds of lead, 584 mil pounds of copper, and 16.9 million ounces of silver.

These so called "unproven" reserves above are based on hundreds of thousands of meters of positive drill results. For you to say "all Trevali really has is a resource estimate" is rediculous. What do you think SLI brings to the table to entice Glencore over and above its current resource estimate of 4460 ounces? (which, by the way, is also inferred, and, yes, it too is conceptual in nature). Bulk sampling veins has so far only proven very high grade. It has not prove volume. Without proven volume, what will Glencore buy, exactly? Does anyone here logically think Glencore will pay $10.00 a share (ie.: 1.2 billion!) for 4460 ounces?

As the Grey report clearly states, drilling is the culmination of proposed exploration on Tesoro. So far drill results have shown narrow veins, the kind that the Grey report clearly states average 10 to 40 cm in width and rarely exceed it. SLI is many years and hundreds of millions of dollars worth of exploration behind Trevali's resource estimate and may never even come close to what Trevali has. Insitu value of Trevali's deposits is worth many billions. SLI's is currently worth what, 8 mil?

While I will not rule out that a major may one day purchase Tesoro, it will not happen based on one dimensional bulk sampling that chases high grade veins. It will happen based on positive drill results that define a three-dimensional resource footprint. So far a three-dimensional resource footprint has not been found. It may be found. It may not. But based on current information, to compare Trevali to SLI is like comparing an apple to an apple seed.