any idea who big seller might be?, page-6

Good that you raised the point aeac.

However, I think your calculation needs rechecking.

My calculation of the shares is:

Currently listed________________137m
Directors' Escrowed til Dec'12____56m
Directors and staff opies_________26m
----------------------------------------------------
Total before Temujin____________219 m

Max Temujin VWAP 25c 4.25m+17m = 21.25 m or 9%
After 10.5m options at 33c___________= 31.75 m or 13%
Trigger 15m at "good" JORC____________= 46.75 m or 18%

The last 15m depends on defining better than 90m tonne 1% Cu equiv. JORC with provisos about minability.

The existence of this mineralised pipe was well documented by Ivanhoe. It starts at the surface and if the weathered layer is not too deep the strip ratio is going to be good because the pipe is in the middle of a hill! If there is 90 m tonnes at 1%+ we are on a winner.

I think this is a great deal, it brings forward the development of the company by a couple of years at least, worth paying 25 million shares up front for.

I had to rush through this calculation, willing to be corrected. However, at less than 20% shareholding it makes sense that the purchase negotiations came to this conclusion.