RE: TUO or AMK?
AMK will have to dilute the hell out of itself to get that last 9% of TC. Management's track record is not good, IMO (I have made several posts over the past ~3 months on this board and the AMK board that explain why).
TUO has many more great land positions in the Golden Triangle and management who are excellent geologists and claims aggregators, although their selection of JV partners sometimes leaves a bit to be desired. For a quick background on TUO, you should check Omniportent's, Caliche's and Redrums posts on this board -- they understand TUO and the Golden Triangle better than most. In particular, a few of Omniportent's posts on this board over the past few months contain a good summary of TUO's numerous properties.
IMO, AMK's only advantage over TUO is that it has earned a controlling 51% interest in Treaty Creek and has operatorship of that play. Treaty Creek is only one property in what is a very large and prospective area, but it looks to have large reserves and is strategically positioned if Seabridge's KSM is ever to become a mine. Therefore, it might be more attractive as a near-term takeover play. But if you care about managerial competence and are looking for a value play and/or a play of the upcoming huge uptick in popularity of the Golden Triangle, there's no contest -- TUO by first round knockout. And it will always have a minimum of 40% of Treaty Creek anyway....
JL