Tim Treadgold Talks Up Emerald in Small Caps., page-5

Yeah, I remember back when Emerald bid for Capricorn Metals, and I actually thought back then that they would get it, because of their mutual connections and it seemed the right fit. I think it may have been scuppered by some corporate shenanigans behind Emerald's back.

It's interesting to note that there have been two (2) bids for the undervalued Gascoyne Resources in the past couple of weeks. I'm wondering now if Emerald are also running their eyes over the books and might throw their hand in the ring with a bid.

They would be competing with the latest bid from Westgold, which is only an all scrip bid.

Gascoyne only has a $95m market cap and is producing 80k ounces, albeit at a reasonably high AISC, but it has been a turnaround story, is coming out of hibernation, and may be open to offers, especially if Richard Hay of Gascoyne was to join the board of Emerald.

The combined entity may then have even more of a stellar board than it has now.

These things often depend on relationships within the industry, so I'm not sure how well the directors of Gascoyne get on with the directors of Emerald, whether they are old friends, or old enemies, or have previously done some business together in the past.

I presume any deal would also need the blessing of Sprott, and once again, I don't know the relationship, if any, Sprott may have had with anyone at Gascoyne in the past.

All of this speculation would take some further research to find out.

Anyway, I'm just putting it out there for comment because I believe Gascoyne may be obtainable if Emerald was interested, or if it met their M&A criteria.

Gw