Ann: Financing Arrangements - Mt Carbine Quarry & Mining Leases, page-74

They had a buy deal with Mitsubishi before that fell through. So I am just waiting with caution on this one.

In saying that though a Mcap of $15M at 2.5 cents makes this very cheap, and if a deal is struck IMO we could see $200M Mcap (Disallowed) if the deal terms are right.

A JV on the stockpile isn't bad. Don't forget the resource size on this project IMO is heavily undervalued, as you've got two other concession zones next door that are yet to be drilled. IMO their resource size is x 2 what they have now as a minimum, so the overall NPV of the project is undervalued.  Even if Cronimet buys all our tungesten at a 20% discount to market price as a hypothetical, as long as the margin is there and cost of production is low, we will have solid cash flows. We will go from explorer to producer in less than 9 months. Not bad IMO.