My Conversation with George Glasier - hope this helps, page-50

BUC,

You are factually incorrect. If the big research and development costs were behind the company, the JV would not be diverging. I suggest the JV has burnt through money and ran out of capital because they do not have a working machine. If the JV had a working machine, don't you think it would already have been put into the field in order to make income? You can add up the amount spent on the JV from all the cash flow statements. I think when I did it a few weeks ago it is over $5 million .

Also permitting in Colorado is not free, nor is rent in Casper or Perth. Engineers and geologists fo not work for free. There is no running this company on the smell of an oily rag. The annual ASX fees alone insures this can not happen. And do you think Haynes and his crew will work for free?

Also factually incorrect, WU has not been waiting patiently, it was just created last year. There is no handing over anything from BLR to WU on a platter, Glasier is going to have to invest some money into ablation. At least GLasier has permitted mines that will allow the testing. At least Glasier has money in his treasury.

If WU were to walk from this merger, the share price would drop to ,1 in a day because the market knows BLR has no money. So any potential deal might come at ,2. Is this the other form of a takeover/ merger you prefer? A 100% premium is unheard of and I will accept it quite happily. Tydec laid out the points perfectly . There will be no other bid for BLR, otherwise it would of happened already. Every day that passes decreases the chance of an interloper, no matter how loudly one squawks. No company wants to pay for BLR with a premium and then dump money into an unproven technology of ablation, then dump $13,5 million into securing the rest of the asset not owned. All in, this deal might cost WU close to $40 million.

Cait