games up it would seem, page-9

Flexy,

Agree that looking less likely a takeover per-se but I cannot see how a small company with one early stage project capitalised at circa $40M can tie up with a multi-mine "significant South African based mining entity" while "reducing risk by sharing in multiple gold projects" without us losing control and exposure to the tailings project.

If DRD was the partner, it would be feasible that due to their size (a relatively small transaction) and smoothing things over with assoc BEE shareholders that it is not imperative for DRD to make any announcements. Under the cover of "confidentiality agreements" no shareholders in DRD are more or less informed than others as it is a "non-issue" until announced to the market at large.

I'm not sure it's DRD at all but can't figure out how we can tie up with a major without losing control or selling our souls. There are not that many SA significant or medium gold produces to chose from, certainly not with any geographical or technical synergies.

DRD for my money though was always a likely suspect to take us over. Has the Crown tailings mining subsiduary next door been mining tails on the Central Rand for >15 years. A lot of synergies in management, personell, experience, geographic, logistics etc. Majors are always looking for long-life reserve replacements and DRD's current average cost of production is US$500/Oz. DRD would love to have Mintails I'm sure.

Anyway, don't like long suspensions and lack of transparency but don't mind a bit of super-sleuthing as you might guess.