Peter, interesting conversation for sure. Good for you for initiating some discussion never hurts to open some doors! I am not clear did this conversation take place on the phone or a forum that I am not aware of: Who is Excelsior? I still think it is a long shot that a merger would happen but would never rule out anything! I suppose it all boils down to how would shareholders get best value....it seems to me that best route is 50/50 JV for Fmg....but it would be foolish to rule out any option!