the truth, page-11

So much for the image.

Comaring the USD value of CDE to 0.682 and 2.715 times the BSG and PJO sharprice over the last year shows:

1. The premium for both BSG and PJO was similar and between 60 and 100% up the August 2006. Its most unlikely that premiums that high would have been considered, so I believe that negotiations happened later.

2. After that, the premium for both fell steadily but with PJO generally between 20 and 40 more than BSG.

3. On 7 March 2007, the premium for both was 35%, which is when I think negotiations started.

This 'deal' is poor for BSG holders as, barring a dramatic improvement in Coeur's performance, I would expect the sp to fall further and BSG's will follow until the merger is complete, or fails.

I can email the chart if anyone wants.

Nick