POTENTIAL BUYERS OF FDN: VARIOUS OPINIONS

BARRICK (ABX) $37.1bln
-Just spent all the cash ( most) on rest of Cortez....maybe because they are large and are willing to use all shares for purchase
-they are in Ecuador either directly or indirectly
-announced they will spend 10 bln this year on bumping production
-are # 1 producer and want to hold on to that
-9.5 million ounces hedged at $296, in need of cheap supply to clear them

GOLDCORP (GG) $26.3bln
-maybe but has a full plate and still trying to absorb the high price they paid for Glamis...with Telfer who knows
-looking at South America
-is always a wild card

AGNICO EAGLE (AEM) $8.9bln
-probably too expensive but still a possibility if their big holders can live with the dilution
-gave a tour of Canadian mine to ARU and Ecuadorians- why?
-even one for one-takes them to 370 Million shares
-which more than doubles their reserves
-they have lots of cash in the bank
-and are a -$70.00/ounce producer

NEWMONT (NEM) $19.8bln
-looking and in real need of more ounces ...just dumped Franco Nevada assets and ready for a big move....might buy Agnico instead
-probably need it the most and will need to be most aggressive in bidding.

YAMANA (YRI) $5.7bln
-YRI has a number of mines in South America, so is better positioned than most to work effectively in Ecuador
-It has been a frequent buyer - rapidly expanding resources and production
-It is large enough to do the acquisition but small enough to make a huge impact on their reserves and production
-can't afford it....too much dilution

ANGLOGOLD ASHANTI (AU) $8.8bln
-under water with 11 Million ounces still hedged

ANGLO AMERICAN (AAUK) $77.3bln
-getting rid of gold interests

KINROSS (K) $12.7bln
-too expensive for them

CVRD (RIO) $153.4bln
-after Xstrata in a bad way
    
CHINA cash $200bln+
-who knows
-plenty of cash and demand

BHP (BHP) $178.9bln
-still after Rio Tinto

RIO TINTO (RTP) $127.0bln
-just dumped 40% of Cortez...not interested

TECK COMINCO (TCK) $15.9bln
-after Fording Coal  but a possibility

FREEPORT MCMORAN (FCX) $35.1Bln
-might just be the "White Knight" that jumps in with a "real" bid to at least keep everyone honest.
-they are a big hitter in both Gold and Copper and love the really big projects
-they made one of the best acquisitions of the last several years with their purchase of Phelps Dodge and can gobble up the FDN project by issuing about 37.5 Million shares ( at a $ 25 US price)....Even at $ 50 US a share you are only talking about 75 Million shares....a minor dilution to the heavy stockholders.

GOLDFIELDS (GFI) $9.2Bln
-maybe too small

HARMONY GOLD (HMY) $4.8Bln
-maybe too small

Feel free to update, add, or correct.
Safeharbour