Ann: Offer To Purchase ACE's Interest In Four Mile Rejected, page-100

Chris,

Selling at a fair price would be good. But for a junior company, I'm not sure about plenty of fish in the sea. It is very difficult and can take years if not decades for a junior company to end up with a substantial share of a cash accretive business. What's more if we sell we are probably selling near the bottom of the cycle for many commodities, uranium in particular. We could sell and wait for the cycle to get deeper and look for opportunities then, but markets don't like this approach and undoubtedly the company would probably jump at the first opportunity that looked half attractive and miss the bottom of the cycle.

IMO it is better to slowly build the cash pile off the back of 4mile (a long life asset with potential) and then look for opportunities as they arise.

But don't go counting the chickens before they hatch.

Eshmun