Ann: Siana Gold Project - approvals update, page-16

Article in today's West Australian about Bullseye Minerals, they are reported as able to raise $100m from the father of their female director (and $26 from a cap raise), and his associates, so they are swamped with cash. They have a 200k oz reserve, 30km from Red's Darlot mine. The newspaper says their cap raising values them at 26c a share, compared with Red's 4c offer. Also says that 72% of their shareholders have indicated they will not take up Red's offer.

As reported, it also says director Wu and his associates are trying to throw over the other 3 board members of Bullseye, with support from Wu's (chinese) shareholder friends. Wu holds about 10% of Bullseye, not sure how much his other friends hold. If I was a gambling man, I'd say it's more likely that Wu will be removed, and the other 3 directors carry on (it's a father and son team, who are real estate agents in Perth), especially now they appear to have funds of approximately $126m they could call on, and that's not a shabby amount for a small unlisted gold company with the reserves they have.

As I have said all along, baring something unusual happening, RED are wasting their time here, but good on them for trying, it was worth a long-shot.

Gw