what's going on?, page-24

Lionel,

If Ivanhoe was keen on us going ahead strong, they wouldn't have forced EXS in paying more dividends than what they were prepared to pay out. Any good JV partner would make sure that the more cash they would have in the coffers, the better for future exploration, and the lesser the risk of having to come up with a CR if and when required. They dind't !! And I have never seen that happening before where a JV partner demand a bigger dividend that what has been planned to be paid out!!

As for the 80% interest in the tenements, why would a JV partner want to take that part over and becomming 100% owner if the JV was going like a house on fire.

I know that I am guessing here, but IMO Ivanhoe could make a move on us while we are at the bottom rang of the ladder. In case no one noticed, our present sp value (the MC), is only representing what we practically have in cash while all the rest of our assets have practically no value attached/allocated to it. And anyone that is willing to do the job would know that part very well.

And that, IMO, is not a very good position to be in if and when someone want to lob an offer on the table. Put a maximum of say 40% or 50% premium, (if we are that lucky), and see what we will come up with. Very little indeed.
As a matter of facts, less that the sp value that we were at just before the special dividend was paid out.
(19 + 50%) + 38 cents.

As such, I am loading up to try and average down as much as possible.

Cheers