why the sellers

I don't understand why there are any sellers below $5, let alone $2... and the sp is going down to low 80's. Doesn't make sense to me.

To reiterate we have a $250M market capitalization company. Over $100M in the bank. Due to receive an income of around $500M/year from xstrata when the mine gets going.

Sure, they are short of ongoing exploration projects at the moment, but all they need to do is look around at some early but promising projects being undertaken by financially struggling explorers (and most are), buy into them with 10-20 million dollars, and off we go. They don't need to do any risky greenfields exploration with their current cash and ongoing income.

This is a billion dollar exploration company in the future (if it isn't taken over)...

My opinion only...

DYOR.