Ann: ABML Directors To Recomend Proposed Increase Offer From MLX,MLX-ABY.AX, page-5

We need the latest quarterly reports to make some sense out of where things are at.

How much did ABY lose in the last quarter and run down its cash balance of around $80m of March (or am I wrong about that amount?)

How were MLX's gold mines doing last quarter - did they lose money overall like they did in the previous quarter (about $30m, I think was the reduction in cash at bank/bullion),

Has the Murch project been fixed - are they still processing just low grade garbage and claiming to run at a profit when clearly they are not.

What is happening at the Alacer mines - still not profitable/bearly profitable or not? And if yes then for how long given they may accessed some higher grade ore last quarter.

MLX only had about $60m in cash/bullion last quarter (check it, could be a bit more or less). If they lost say $20m this quarter then they are down to $40m, minus the $25m to be paid to ABY shareholders in cash for the t/o. Therefor only have some $15m left, minus the cost of the gold sales to the bank for which they are paying out 1,250 ounces per month (ends this year), effectively a loan.

So in the absence of whatever is in the kitty at ABY, MLX could now be effectively without any cash buffer for its working capital. Hence why it has taken a standby facility from the banks to fund the $25m to be paid to ABY shareholders.

The ABY acqusition costs is 50m MLX shares plus $25m cash. Dilution plus cash outflow.

I can not make head or tail of MLX - and I have no trust in Cookie the tenement gathering wookie.

Good luck all - I am looking on with some interest.

loki