I have done my research westcott....have you??Core mining is...

I have done my research westcott....have you??

Core mining is located just 62KM away from Sundance.

Russia’s largest steelmaker Severstal paid $15 million for 16.5% stake in Core Mining which value the company only $90 million.

Source (http://in.reuters.com/article/2010/05/13/severstal-core-mining-idINLDE64C16H20100513)

and if you do futher research on Core Mining, you would discover their JORC Resource on their Avima project is 690Mt with iron content of 58% plus 580Mt with an iron content of 60% (totalling 1.3 billion tonnes). How is this compared to Sundance's resources 775.4 million tonnes at 57.2% iron (High Grade Hematite JORC). Sundance's resources is much lower and has lower iron content.

Source (http://www.coremining.com/index.php?option=com_content&view=article&id=3&Itemid=3)

A major investor paid $37.5 million for a 62 percent of the Putu Range iron with 1.1 billion of iron resources in Africa. Glencore, Rio and other major Chinese investors already invested heavily in Congo/Africa with their local partner. I could go on and on and on to mention they acquired much better companies than Sundance at lower price than Sundance. But the best comparison to make is between Sundance and Core Mining because they are located so close to each other (62KM away).

Now again Core Mining which has better resources is worth only $90 million whereas Sundance is worth $300 million today? Is it being justified?

Would you go to supermarket and pay $3 for a $1 exactly the same item?.

Hanlong probably realised this....and thats the reason the deal is off.

All in my opinion....