what you cannot see(now), page-91

Cato,

Good to have a rational disagreement with you however, my major issue appears to be a point you are not contesting. I would agree that no one would be paying x6.28 (i.e the IGR offer) on an IGR SP of about 30c (i.e. $1,89) at the current PoG. You would also not pay around $2.7 for SLR by itself right now. Both parties would have suffered with a declining PoG. The HUI was about 520 in Sept 2012 and is now 224 (about half) which suggests that the IGR sp on current moves would be about 12c - 15c. This infers that the 6.28 ratio in the SLR offer was about correct. Without IGR resources (e.g Majestic, Imperial and UG at Santa, CEB & Maxwell's) SLR's now low cost reserves would be looking a bit thin. IMO at the current PoG the Murchison offers no where near the prospect that Mt Monger does with the IGR discoveries.

Totally agree that write downs are an embarassement for a CEO - many COE's have taken a walk due to admitting a write down.

Write down's are generally a tussle between the auditor and the board. I feel that SLR have a good case to put before their auditor (a better case than WES has to put before its auditor for a potential write down on Coles)

Hopefully SLR will be one of the last men standing with some cash for the many opportunities that will be around when some of their neighboring explorers are close to bankruptcy. It has often been said that mining the stock market for additional resources is often more profitable than discovering the resource yourself.