ann. coming, page-13

To get a clear picture you need to read most of the announcments for the past 3 to 4 years. There are many gems of info in old announcements that have not been repeated recently (thus the frustration from some long term holders). There are some useful summaries in the investor presentations.

Gold Fields has been sneaky in the way it has increased its holding in CQT. Is bought options and converted to shares to keep its accumalation on the low, and then did a deal with the Opes receiver for a large parcel of shares...

CQT is one of those shares that was trading close to its cash value not long ago. The market did not factor in the inground value of the resource, nor did the marker apply any take over premuim.

It appears that Gold fields wants part of the current Silver HIll resource. Pursuant to the JV agreement it has to pay based on NPV for this part. CQT is currently trading way under its NPV, thus the speculation that its cheap for Gold Fields to try to take over CQT. This does not even take into account the upside value in the regional tennaments which should house the mother lode (which we expect is what Gold Fields is really after, for all we know they have found it and chose to immediatly stop drilling).