I think at a minimum, it's at least worth a market cap of $350m,...

I think at a minimum, it's at least worth a market cap of $350m, somewhere between 75c and 80c, and given the current gold price, even at that market cap it's an excellent buy price for someone.

Interestingly, as suggested by another poster here, if SVM have already forwarded $28m for village relocation, then I'd expect that money to be returned to them if they are not successful in taking over ORR.

The ball seems to have lobbed back in SVM's court now. I'd expect the next offer to include an increase in both the cash and scrip offer, and then we wait to see what PRU's response is.

At what price would PRU sell their shares and take the cash/scrip on offer, my expectation is that it would have to be a high price. In the fight for Cardinal Resources, Shandong's original offer had to be a little more than doubled before Nordgold threw their hand in and agreed to just scoop up the $200m in cash for their shares. If this plays out the same, then SVM would have to offer near 30c in cash and double the scrip. Mind you, the Cardinal game took over a year to play out.

At this stage I am also wondering who the Tanzanian government would prefer, though I'd expect both candidates to be acceptable to them, at the end of the day, however, they may have a slight preference.

Gw