Ann: Quarterly Activities Report, page-62

Hi Sarg,
My point was merely that you are comparing a producer with an explorer. That is most certainly ridiculous. They both are 2 companies at 2 different stages of their lives.
I agree totally with you about the upside comparisons but you really are comparing a potential blossom come fruit to a fully grown apple.
It's a no brainer to me if I had a choice of PEX or SFR as a punt/investment as we stand today but over the longer term (assuming 1.PEX can get to Producer staus, 2.have someone offer $$$ for their share of projects, 3. as a takeover target (not likely except from current JV partners).
Every analyst a year or two ago was forecasting copper prices to go down for the next 5 years. Just saying, not that I really believe anything these guys say as I have seen for 2 decades how wrong they get it and consistently too!
I don't doubt what Rob has told you, I only doubt the ability to raise the necessary capital as well as PEX's current structure which I believe will not be possible to go to development in it's current form. I outlined why in previous post.
JMT mate.