arbitrage, page-4

sorry eddie,

we WERE working with some old numbers available:

NWS: 1089925635/12
&
IAU: 59062936

which appeared to work well with the approx. 60/40 mentioned in the merger docs..

"The merger results in 149,986,742 listed shares comprising 118,552,918 ordinary shares
of Intrepid Mines Limited and 31,433,824 exchangeable shares of Intrepid NuStar."