Ann: Receipt of Non-Binding Indicative Proposal, page-76

I got into TIE at around an average of 50 cents so an extra 8 cents gain to the offer price of 58 cents makes no sense to me given my belief about the potential upside over time from further reserve/resource dicovery in the 1100 sq km of tenements to incease mine life, the upgrade of the mill, and heap leach opportunities.

This opportunistic offer will get rejected unless there are some major ongoing operational issues that can not be resolved in a timely manner and/or the ore grade proves to be much lower than currently estimated.

I have no idea which company will make a counter offer given that the two major Chinese shareholders have in combination a blocking stake if another were to be interested. PRU is the most likely of the west African based Oz goldies that could be interested while WAF does not have the cash or market cap to make this worthwhile for its shareholders.

GLA.

loki