His right GXY would be in a much better position if GLN did not exist, GLN make any deal GXY is doing look awfully expensive.
Why would you stump up $200mill to J/V in for 50% when you can have all of GLN right now for a fraction of the price.
That $350mill POSCO deal would never have happened if GLN had drilled already assuming hole 3 hits which it probably will.
If I was the company writing the check for GXY J/V right now I would be very nervous there is a company with 50+ year mine life potential shaping up literally next door on a $40mill odd Mcap.
This next hole is gonna be huge for two companies it seems.
Ann: Drilling Update, page-65
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