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mgmt has done an exceptional job to conserve cash since 2008. they have gone to the mkts once for a tiny amount and that is commendable. yes, in hindsight, one may say they should have traded out of Pathenon resources but nobody has a glass ball and IMO the true value of this asset is reflected only in the cash value of the shares with no upside what so ever for prospective resource. nonetheless its still trading above NTA discounting the xstrata commitments so hence there is still considerable risk.