Yes, PubLunchOne,Its worth rereading that.Let me also restate...

Yes, PubLunchOne,

Its worth rereading that.

Let me also restate the major terms of the JV Agreement with the Royal Group.

Any North African project (This is Royals back yard, many $billion invested in North Africa) must be offerred to the JV first. If the JV (i.e Royal which has 65%) doesn't want it then GMR may run with it alone.

Anything outside of North Africa, GMR does not have to offer it to the JV. Hence the JV will be primarily focused on North Africa. They will mostly be Gold projects as well.

The Swedish projects were identified by GMR, not Royal (Mai came via Royal). However the Swedish project was considered too big for GMR for it run with it alone by GMR's board so it was offerred and acceted by the JV board.

All prjects acquired will be low risk advanced plays (i.e they will already have a Jorc resource (Mali)considered economic (Mali) or a high probability that one will yield one (Sweden). They want potential 1 Million ounce projects not moose pasture. Those days are behind GMR now they are in JV with the Royal Group.

It should not be assumed that the JV will not step up on a really big project but it needs to be at a good entry price which may prove challenging given the shortage of ounces for sale around the globe. The point being made though is that the Royal Group can fund or marry up with other leading middle east players to acquire any size project that it desires.

The Royal Group is bullish on gold (yes we all are) and wants a decent size exposure to quality projects. Buying a small resource in elephant country with a high probability to grow the resource with decent drill expenditure will be the most often used route to build the group's resource exposure.

Hard to find a better explorer with more upside given the cheque book standing behind this.