jorc in march...but when ?, page-4

"by the end" and "before the end" mean the same thing. The JORC resource estimate will come out on some date in the next five and a half weeks (ie: on, or before, the 31st of March.) Given that the 31st is a Saturday, I would say on or before the 30th, but we can't narrow it down any further than that.

Takeover offers after the estimate is in are a distinct possibility, especially if the company remains at the sort of valuation it has right now. But, if the resource is good enough, a lowball takeover bid is highly likely to bring out other offers - best case is five or six companies bidding against each other, and driving up the share price in the process. There will still be risk in the resource, but knowing what's there, in a well-defined, formal manner, helps remove a significant amount of that risk. That's also why a lot of investment companies will wait for the JORC before investing in a mining prospector.

Personally, I'm hoping that Peak manages to go its own way, without takeover offers. There's more risk to us down that road, but also the potential for much higher returns.