Well as terrible as the current price slide has been for QMI the exploration has been the exact opposite. The healthy grades Queenston continue to pull are 2 to 4 times greater than the sub 4g/ton KGI are producing next door.
Queeenston have advanced the mine exploration and NI 43-101 schedules to Q3 2012 for any number of reasons. Selling shares to finance a $240M mine is challenging especially when your share price is falling through the flooor. Q need $400M through 2016, at the minimum... where is this going to come from?
Getting the highest price for your product isn't always the best strategy, especially if you run out of time and money. It would seem AgnecoEagle are the wrong partner in the short term for Q. AEM are on hard times compared to the rest of the sector having shut down 2 mines recently. AEM now seem more like a vampire tucked into a deep dark stope than a potential suitor to Q.
Time, we only live so long. The life cycle in most things is finite. The patience of time isn't always your best friend and with that said it seems the Q team have some evaluations to complete. They and the ore may be old but the markets and buyers only hang around so long guaging performance.
If I am a buyer today, Q is a buy only if my intention is go mining and I have deep enough pockets. So far all the money has been to keep the story breathing. I don't see the Q team getting into the ground based on recent interest.
The Q team strategy is old and unlike the ore will not last.
Time to freshen up!