the reasoning i come up with is that right now, we are not spending any money on the gold project.
So if we want to see it grow, it has to under its own steam. And give shareholders 1 for 8 approx, ride therein.
Now, what happens if GWR were taken over for its iron ore by a larger entity who considers rail an option into the mid west ? That may be wishful thinking. BUT if it happened, they would get the gold assets, not us. And they would flip it to their mates, not us.
Ann: IPO Prospectus for Western Gold Resources Lodged, page-103
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