I have been trying to work out why the buyers are hanging around...

I have been trying to work out why the buyers are hanging around (even though they are low bids) and my feeling is that they have a fair idea that GF may try and get this for around 30c, therefore at least double their money.

GFA's accountants would have calculated that owning 45mill of CQT shares already, a bid of 30c would mean an outlay of about $67mill. For that you get a massive open pit deposit with $3bill IGV and $29mill cash.

So for net expenditure of $38mill, which they would have needed to allocate over the next two years anyway if they want a chance of 50% of the JV area, they can have the whole lot.

It is tempting to fold at this stage with all the doom and gloom stories, but until the end of November you would have to at least see what GF has to offer.

Regardless if GF make a takeover, if they spend $30mill over the next two year we benefit, or if they walk away it will still leave us with a lot of info in regards to their exploration that we can work on. The important element as a junior is a healthy bank balance and very soon a PFS which will be valuable in the next year or so.