This is ultimately going to end up in 2 possible outcomes and 1 of them wll occur in 2013. Be ready when it happens.

1. Buyout , and the buyout price will be AT LEAST the value of the shareholdings of Agnico, most likely a big premium added.

2. JV to get this into production (as another poster recently implied) ASAP.

Yes, the group could do it alone, but it will take a long time VIA THAT ROUTE. There is no mention made by AZX of going into production themselves - not in the plan.

Joint Venture Strategy

"As part of its broader acitvities the Company is also seeking strategic and joint partnerships on various levels. "

"Alexandria’s business strategy includes continuing to seek new joint venture opportunities..."

Corporate Presentation: Next Steps Seek partnerExpand through drilling

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