Exactly George,

from there news release, they can not use there 15,000,000 shares towards the 90% total either.

In fact, it would really be interesting to know who owns that 14 million short position in the states right now plus the short positions in Canada. Seeing as those shares would have to be returned in order for the stock certificates to be tendered to Kinross this should have created a large short squeeze. That never occured to speak of.

Thus in my opinion I am going to say that I beleive Kinross owns those positions and they are using shares tendered to replace them. If the real owners of those shares did not tender them then perhaps Kinross has even less shares then they would have you beleive.

Regards,

F.F.