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The owners of Canmine Resources Corporation acquired 90 per cent of the available mineral rights over a newly revealed geophysical trend, in competition with major mining companies, and named its new acquisition the BINCO Project. Canmine also had two other discoveries at the development stage, for which it was going to have to raise some $30 million to bring into production. Exploration capital was not going to be easy to raise in the present market and for the first time the president was thinking of bringing in a cash flush joint venture partner, to fund exploration in return for a percentage of the project. He felt his options were to wait the markets out and continue to go it alone, bring in a major company as a partner, or piece out the project to several junior company partners. (This case can be used with Canmine Resources Corporation (A): The Creation of a Mining Company, case 9A98M001.)