Ann: RMS: Ramelius makes strategic investment in Spartan Resourc., page-133

The closing price is what you can buy a few thousand shares for, or maybe a few million. That doesn't mean 70% of holders would sell at that price. Whatever RMS might think about future increases in value is going to be on the minds of many holders. SPR is not in a situation where it needs to be rescued, or where it is time for the adults to take over. It is not realistic to think the tightly held shares ... which I surmise would be way over 10% ... could be shaken free for anything like the current closing price, unless there is suddenly some bad news. Granted RMS might be trying to get to 19.999 % as cheaply as possible, but that is neither here nor there in the big picture.

I would be persuaded to part with mine if there was some kind of impressively profitable synergy clearly demonstrated between RMS and SPR, or if I thought SPR were fumbling the transition to mining. I don't think they are .... the last CR included all the right elements so far as I could see, and by not trumpeting a transition to developer they might avoid a Lassonde dip. The exploration drive becomes a ready to mine drive at the stroke of a pen ... similarly they included allowance for preparing the mill, I think I recall, and are working on all the content a DFS would require I gather. I don't think they are dragging their feet on production ... I think they are just avoiding being recast as a developer and falling down the dip. I do think undaunted's comments are misunderstood ... it is about where to draw the line on drilling, not about the importance of defining the resource sufficiently ... new information is going to be something the mining engineers will have to respond to for the life of the mine from now until it becomes the new Gwalia . It is fair for undaunted to ask how much is enough. I hope Undaunted is wrong about how long it will take to start mining once the declines are in.