Ann: Ceasing to be a substantial holder, page-13

Interesting to note that the Chinese have made a bid for Tietto (TIE:ASX) which has a proven and probable resource of 1.36 million oz's at its mine in Cote D'Ivoire in West Africa. The bid is at 58 cents and is priced at $460/oz. Take a line through that offer with the assumption that PDI will have a very conservative minimum of ~4 million oz's in that category, and that puts a share price value for PDI at ~92 cents. Obviously the Tietto resource is proven, is in a reasonably stable country, and mining has commenced. PDI has a lot of work to do but has huge exploration upside so 4 million oz's may well be on the very low side. What the bid does say however, is that there are companies out there chasing projects in West Africa, and PDI has to be firmly on their radar. Food for thought!!!