Which approach is better (arbitration or mining)?

EZ, I would opt for a reasonable settlement over litigation almost every time, I'm conservative that way. We have to also consider a third option -- a settlement or deal of some sort.

I would not want just the permit at this point, however, without some additional deal though (still too much risk in completion under Hugo).

For arbitration you need to do a risk reward analysis with your own variables -- we have the significant risks of financing and the chance that we don't get nearly what we want out of an arbitration, against the possible upside home run. There is also of course the opportunity cost to tie up your money for the term of arbitration.

For us it's really a matter of how good a settlement Fung can achieve against the chance to get financing to arbitrate in the face of a poor offer. I don't see us mining LC alone under the MOC as a likely outcome.

My money is still on Fung getting a deal done. And so is yours. LOL (sorry couldn't help that one)