Ann: Letter to Shareholders Regarding Zhaojin Takeover, page-11

The reason a bid should be made now is that the bidder can point to low production.TIE has a credibility problem with its forcasts of production.If months are allowed to go by before a bid is made ,there is a possibilty production will rise and the heap leach will be more definitive.Chijin is not far shy of 19% and this % shareholding will prevent months of creeping buys.