Cerro MoroIt occurred to me that the potential value of Cerro Moro is being discounted because Anglo walked away from its back-in right. I've now heard two "experts" express ignorance about why Anglo walked away, no doubt resulting in some FUD among investors. Well, it turns out that Anglo actually wants out of Cerro Vanguardia (the nearby gold project that is a model for Cerro Moro) because that project has pretty much reached the pit limits after 10 years of mining and Anglo would have to invest quite a bit of time and money to move production underground, something it does not appear to relish because the economics are not substantial enough to meet their project minimums. Selling Cerro Vanguardia while backing into a similar project nearby would amount to corporate schizophrenia. This is actually a significant positive for Exeter because Cerro Moro isn't a Pebble, Galore Creek or similar deposit requiring the expertise and financial backing of a major for successful development. In fact, whoever buys Cerro Vanguardia may turn out to be a good candidate to acquire Exeter down the line. I'm guessing it will be a mid-tier producer or an up-and-coming major. Of course, it's nice that Exeter has another project at Caspiche that might be an extremely attractive acquisition target as well.