I think you're right. They will need to sell off a few to raise capital but what will they do with the capital a couple of years down the line. Will it be purely used for further exploration and sell-off's?
Remember that with Afcan's mining experience a merger would allow them to keep one, two or three for themselves.
I reckon it must be good to be in Caledon's boards shoes now with the options open to them.
I for one hope they show a bit of vision and grasp the opportunties instead of sticking rigidly to exploration and sell-offs.