m & a, page-16

my thoughts only....

i think cfe would take the cash with a 50c offer.... that would mean that their nett proceeds would exceed $100 million. (47million was consideration recevied in jan 2011 plus about 60 million (at 50c per share))

I think in reality that they only outlaid about 30 mill....

Though, remember they are interested in getting this to production given they have $1 per tonne royalty so they would need assurances that early production will happen.

would not be surprised with anything though.