@Beton2 - I appreciate the analysis and comments.With respect to...

@Beton2 - I appreciate the analysis and comments.

With respect to "the Ancillary" project, another option could be to simply farm them out - find another company exploring in that area or commodity, let them spend the money to keep the exploration licences active and take a percentage of that project. If they find something worth developing, CLE would be expected to have the cash to take that project into development in a few years time. That way, the company farming in and paying for exploration now as well as CLE would benefit down the track.

The real benefit though, is that dilution of current shareholders interests in Iron Bear does not occur (especially at current prices).