Ann: IGO: PAN Takeover Bid - Intention to allow offer to lapse, page-43

Sorry I should clarify, I think the value proposition for IGO lies in having a regional processing facility and infrastructure in the event that other prospective deposits are found - not just PAN tenements, but surrounding exploration juniors, that IGO have farm-in agreements with.

I also am confident that there is fair value placed on further exploration targets within PAN's tenements, I mean how much is PAN spending on exploration this year? Obviously they can't afford to do anything other than focus on getting some con to market, its their only avenue to payback what they are borrowing. They know what they know (SVN is there). Now they just need to deliver some ore on grade, on time and in promised volumes....on budget. Easy right?