Ann: Update on Westgold Intention to Make Takeover Bid, page-23

Here's an idea. Bardoc have a resource of over 3million oz & a reserve of over 1miilion oz but can't make it work with a revised mill/project cost of over $220million (recently revised upwards over $50million). Take half their project & move the Dalgaranga infrastucture there...everyone wins. The WGX offer severely discounts Gascogyne's value. WGX is expensive on a peer producer comparison looking at $'s/resource oz. I'm confident the GCY board will knock back this offer not because they're overpaid & protecting their own jobs as some have suggested but for the right reason.....it badly short changes shareholders on mid term value. I suspect WGX can't make an offer that would trump the mid term merger value with FFR but others definitely could. Suspect this still has optionality that hasn't arisen...yet