Good points Bob. Another consideration is they may be able to survive and explore by mining Old Pirate and one of the exploration plays may turn up a deposit that one can actually calculate a JORC reserve on. Not all of the deposits will be as spotty. As you have pointed out, gold in the shales is interesting and there is bound to be a "smoother" grade distribution somewhere.
I'm not excited about no JORC but Mr. Market certainly is and it is by the market that we make money or tread water.
I think the term is "hurry up and wait"
Ann: Quarterly Activities and Cashflow Report, page-44
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