Ann: Presentation - Gruyere Gold Project in JV with Gold Fields, page-15

A quick back of the envelope as a mug sees it.
Market cap of $548m. this morning.
Tonight we find Goldfields are stumping up $350m for a 50% share of 144sqkm containing known reserves and resources.
This equates to a valuation of $0.80 per share for what they are buying.
Outside of this is the rest of Nth Yamana (2300 sqkm) and 50% JV in South Yamana. Plus about $75 million in cash.
Maybe somebody can hazard a guess on the value of these prospective assets. Then add that value to the $0.80 per share as valued by Goldfields.
Throw into the mix that apparently there are 6.6 million shorts on the books, that is about 50 million shares that have to be paid back. I would suggest there will be a few sphinctures working overtime tonight!
What is really good with this deal is that it derisks us shareholders from exploration into development. The other upside is they have brought in a partner that has the skill set in building and commissioning new plants. GOR have proven their abilities as explorers, but building and commissioning plants does not rate on their CV's.

As a shareholder, I doubt the Board could have done any better than what has been announced today.
What will tomorrow bring come 10.00am?
I will be watching with interest.