Ann: Presentation - Merger of Gascoyne and Firefly, page-23

I think if you're a GCY holder, the mid term value is in keeping the deal with FFR....it's going to mint low cost ounces at a great margin. That mill just needs decent feed at nameplate throughput. The WGX offer is lowball, doesn't even cover the cost of a replacement mill let alone the huge tax losses, reserves etc. I think the GCY Board will determine the FFR deal is still superior (at this WGX offer price) & as you say we'll see what eventuates. I'm definitely hanging onto both FFR & GCY. Good luck!