This morning TAM was aggressively sold down to 5.4c creating a...

This morning TAM was aggressively sold down to 5.4c creating a new yearly low this could well be a classic pre takeover massaging. There are also a couple of other possible signs i.e.

- APAC recently moved TAM's 'independent' director Gerald McMahon across to associate PRX.

-TAM has moved with current strong gold price even though mining decision is imminent.

- TAM's year long fall from its 10c high made on the announcement of the NST JV appears to me to be controlled and consistent, lacking normal short term bounces usually seen with smaller stocks, although lack of information could also contribute to this.

IMO APAC may see now its best chance to acquire 100% of TAM as once the final mining decision is announced TAM will probably at least double making any future acquisition much more expensive.

I feel there is very little chance that mining will not proceed particularly given the JV has recently appointed a well respected mining engineer as General Manager.

I think its important to remember that TAM has $271 million in accumulated tax losses which are now looking much more usable when mining commences.

My rough back of the envelope estimate for TAM's current NTA i.e. $42m cash, $5.4m investment in NST, say $50m for tax losses and perhaps a conservative $75M for their 50% of CTP resource and plant ...All up around $172m or around 19 cents per share plus potential for significant upside given that a number of deposits (including Goldrush) are open at depth.

Overall I see an unusual sell-down like today as being very bullish!