trelawney mining bid

In other news, Iamgold (-0.4%) surprisingly bid $3.30 a share from Trelawney Mining (+41.4%), which equates to $608m on an EV basis. Trelawney has a large low grade, high capex deposit, in Ontario. Iamgold offered $74.51/oz based on 35mt @0.82g/t Indicated & 204mt at 0.91g/t inferred for a total resource of 6.87m oz.
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Trelawney Mining (Canada):
35mt @0.82g/t Indicated &
204mt at 0.91g/t inferred
for a total resource of 6.87m oz

According to our latest data, Bullabulling have
72mt @0.92g/t Indicated &
29mt at 1.08g/t inferred
for a total resource of 3.2m oz

Iamgold have offered $608 million for Trelawney Mining with a resource roughly twice as much as ours. Trelawney Mining is quite similar to Bullabulling in many ways but we are valued at less than $100m.

Furthermore Bullabulling have more indicated catagory gold and obviously significant upside to increase gold oz by a few more million.

PS Looks like nearly 1 million buys v 70k sells in UK, of course no movement in the SP thought - LOL