What's not to like about the deal in this environment. The company has sold off 51% of the White Rock for a $20m exploration spend over the next 4 years. This year the management fee will be worth $600,000 and maybe $0 the following year but we are not paying the bills. This is why you buy mining shares to see some real exploration done.
It's still a lottery to find an economic resource but the funds are now available to have a real crack at it, at little to no cost to shareholders.
The sporadic nature of news flow due to the limited exploration season is going to frustrate those shareholders who think owning a share for a few months makes them long term holders.
It's a buy for me, but I am a sucker for exploration stocks.
What's not to like about the deal in this environment. The...
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