Yes of course. I felt that locking in at $A1,235 or thereabouts...

Yes of course. I felt that locking in at $A1,235 or thereabouts would provide ample profit. True to say that if it goes to $A1,500 there would be a foregone profit of $265 per oz. On the other hand it may not be a bad move to lock in at $A1,235 Who can really tell? It would a least take the speculation out of committing $50 million for a mill.
I agree mkabk that a company should stand on its own merits but I was told that a takeover was very much more likely when CRK is about to begin production.
There are a number of potential suitors, Barrick being the most obvious. Several have "war chests" now to enable them to acquire ounces in the ground. It's a lot easier to buy a known proven deposit than explore, after all. CRK's low $4 per ounce discovery cost would itself indicate there's a lot more gold to be discovered. They were talking in terms of ten million ounces.
I'm not banking on a takeover and would be foolish to do so but I just happen to believe it's what will happen and rather suddenly.