latest, page-8

Hi Wassa

Where do I start - fully diluted (and we will see the options converted in the case of an offer) we have 455,652,820 shares on issue plus some convertible notes which would take that figure higher - sorry don't know how much higher so lets just work on the above figure -

At 7 cents we have a potential market cap of $31,895,569 - that is very cheap considering the potential of the company and an offer with say a 200% premium could be attractive to many holders - I doubt though the Board would recommend that they sell -

At 30 cents the potential market cap is $136,695,846 and any offer above that would require the bidder to possibly do quite a bit more due diligence and may limit the number of prospective buyers - many would probably sell if the offer came in at say 45 cents - that would buy both the project and the company which in essence is way cheaper than some of the valuations (Pato's for instance) that have been placed on this project alone

30 cents does not guarantee anything really other than it makes any bid subject to more scrutiny than say a smaller bid - and therefore a takeover is less likely

Again Wassa I think the takeover theory will depend a little on what we don't know quite yet - and that is what other projects the company has in the wings

Clyde

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