few thoughts to add to conversation as originally scratched head...

few thoughts to add to conversation as originally scratched head over deal as didn't make much sense from BTR perspective . seems to be better deal from KWR perspective.
anyways few operational notes.
- distance to BTR mill is long but equates to about 0.3G/t for the incremental extra distance. if ore is treated via third party ore purchase expect to "loose" up to 20% of the gold to process plant via the ore purchase mechanism which favours the process plant. so it could be the case that like for like it may not be all that more economic to process at some of the larger and closer mills.
- BTR mill should have an operating cost in the $30-40 per tonne range. toll treating rates at st Barbara for example are $50 plus per tonne.
- all else being equal in regards to gold market etc ounces in the ground for large well regarded explorers is about $60 per oz. (?) . producers are $150 plus per oz (?) ... so assume the same Resouces ounces today linked to a large explorer as compared to being included in a producer.
- exploration ounces are costing about $20-30 per oz to find. BTR and KWR ounces are $20 merger cost at the moment. so cheap ounces for both companies and neither company is paying much of premium. if any thing BTR brings a free mill (admittedly needs lot of $$$ but still better then nothing) . personally I think BTR could have got similar oz to feed into plant much closer at same price hence why I think it's better deal for KWR then BTR .
- even if BTR mill costs $10-20m to get going . still cheaper then replacement cost of $75m for similar plant these days. it's just needs the ore to fill it. (my worry from BTR perspective is that KWR ore doest really solve this )

so I'm slowly changing mind on this deal. probably could have been better deals for both companies , but conversely it doesn't seem to be value destroying either. if together the companies can actually get going and get ahead of the 100 other similar size explorers going nowhere then it might actually be a winning move.