Ann: Kaiser Drilling Update Confirms Extensive Mineralisation, page-122

spot on both points.

with CAI story it is something ALK needs to make a decision. If they think they can turn it around then ALK needs to buy lot of the tenements south, north and west of CAI's mine.
Some of those western tenements are held by CAI's JV partner but there is fair bit of ground that looks prospective that is probably owned by smaller players.
If ALK buys those tenements and then makes a move on CAI, it may turn out to be good deal. For this to work rest of the ground that is not part of the JV should be up for sale at acceptable price.
If this is not feasible then sell and cut the losses. As another year passes and CAI misses on yet another milestone it is getting harder and harder to move on.
I think the ground I mentioned could host higher grades and that could be the way to save the day but CAI does not have the money to do it while ALK is probably not even contemplating to explore such option (aka do analysis on the neighboring ground that is neither owned by CAI or their JV partner).

CAI may get through this difficult period, but they will need to get it right this year. ALK can write off this investment and claim it on the tax.