Ann: First Results from Fingals Fortune & Deeper Hits at Myhree, page-18

I would imagine numerous other bidders well before Silverlake. They wont repurchase the same ground for multiples of what they sold it for. Their upside is in their 9% ownership and say a $2 stock price down the track. They then turn $4m into $18m and move on. That is like getting 4-5 times back for what you sold it for while we do all the work. Not a bad deal. All the gloves come off on a major high grade discovery but we are surrounded by producing players who would be more likely. 1m oz at 2.5g/t in Kal is scale enough for the surrounding mills to bite. Its large enough now imo. Management are large shareholders and so are Silverlake so these guys wont be selling it to anyone unless the price is a reflection of the assets. You cant just march out there and replace these assets. It took management 2 years to consolidate the original Bulong leases and the next 2 years to suck up all the other leases. BC8 is the 5th largest land holder around Kal and that package alone is a prize. We could not hope to get this land package today.