inl possible take over target, page-13

Hi V, in the corporate world loyalty is rare, its do what's best for your shareholders that matters. I just thought that article was a very interesting read as I have never seen an article to be so direct in their comments.

It was as if they knew that BSM have their eye on the Hellyer Mill and want to own it outright. Put me in Mike's shoes and I would go for the TO. Why? Well for a start there is room in BSM capital structure as they only have 100million shares on issue, so add a further 250million shares at 20c and make Intec an interesting offer.

That would give BSM sole use of the giant 2mt throughput mill as all its exploration is focused specifically around Hellyer. I just think INL should be careful as I can see this can come from left field in a flash. With BSM's share price at 20c and INL stuck at 2c an 100% script deal would really make sense IMO. Maybe Mike (BSM CEO) is thinking along the same lines.

For at least the next six months the resources sector will come under some pressure from this credit crisis and global economic slow down, so as long as BSM use this low price to their advantage and make the right offer it would be in their best interests, as the Hellyer Mill in NW Tassie is by no doubt a prized asset.

If you want my opinion I don’t want INL to lose the Hellyer mill but an attractive all script offer for the entire Hellyer related infrastructure etc could well be on the cards. Then the market will view BSM as not a penny exploration company but an emerging mid cap producer.

I can’t see BSM taking over other North Western Tasmania regional explorers if they don’t have the processing facility to turn exploration into production, Hellyer IMO is the key.

Regards