sin-tang, page-7

$1.5 m does not get you many drill holes. The option to JV signed by FWL in 2009 (which didn't proceed) was for an initial equity investment of $1m followed by $5m for a 30% interest in the WHP. $5m is a more realistic figure for a meaningful drill program.

And LVA, how can you say it's "hardly dilution"? With each additional share issued, you own a smaller share of the pie. The challenge is to expand the pie (through JVs, debt etc) while giving away as little as possible!