Takeover of Florida Canyon For me, the takeover of Florida Canyon is both an improvement in the market's perception of ITR and a bet on a high gold price. ITR will be able to qualify as a producing miner, even if only for one of its 3 main assets, and the market should value it more highly than if it remained a pure explorer. On the other hand, with the current gold price, FCGI's 43-101 cash flow of 168M should be increased by approximately US$205M. This would augur well for the future development of DeLamar, with the added assurance of synergies, particularly in terms of personnel. The dilution resulting from the FCGI takeover should save us from further dilution later on, both because of the inflow of cash and the hoped-for stock market revaluation.