I dont think the market didnt appreciate the enormity of the JV,...

I dont think the market didnt appreciate the enormity of the JV, I think times were such, risk appetite was such that not many people wanted to invest in small exploration companies and pay up for it, also I could imagine a lot of people shaky that Xstrata might change their mind because they kept delaying drilling. with every announcement it kept getting delayed by about a month each... People may have started to wonder if Xstrata were still interested. Another thing IMO that killed the run in SP was the quaterly announcement saying no drill targets were identified as a result of the survey at emmie buff..I can guess that people could have read this the wrong way... but it turned out that the survey wasnt the right type for the geology...

Now that Xstrata are well underway with drilling, we will soon be seeing 20c in the next week or so. just seeing the survey at 4mgal and looking at the previous drill holes we should be fairly confident of decent results. I believe the amount of risk that is being factored into the SP atm is unjustified based on previous drill results and the JV...


Once again, everything I have written above is from memory and probably wrong