randgold and grades - implications, page-8

What struck me is how early Randgold entered Goldstone, they had much less attractive results than BGS but Randgold did a JV and carried out drilling at their cost until they didn't like what they were seeing and bailed on the JV.

BGS is very similar, close proximaty to RG plant, exploring on same shear zone as their morila mine and have had reasonable results over wide areas, much better than goldstones results.

So why aren't we in a JV already with Randgold?

IMO, why would Kevin want an early JV with RG where they come in and take over the exploration. Kevin lives for the exploration, loves being on the ground getting his hands dirty. So I think Kevins play is to take us to a point where the gold reserves are clearly defined and then talk turkey with RG, which should see us with a much better deal than if RG entered early and funded all exploration.

My thoughts.