From conversations with the company, the minimum number that I have heard is $3. At three dollars, that gives us a 600M price tag, about 5% of insitu value for the part of Eagles Nest that is 43-101 compliant. They are getting a great deal for sure but investors like K who are averaging under $1, and he is very far from being alone, would still be making a very good ROI. The question would be how many shares are in the hands of investors willing to fight for a higher price.

Does Baosteel have a clause that prevents them from a hostile take over for a period of time? I think they do but would be good to confirm that. With a chinese national company behind us, I would think it reduces the likelyhood of someone attempting a hostile take over. There are also many questions regarding infrastructure, electricity costs, EA and Native issues that still add risk right now. For those reasons, I would be surprised if a buy out offer were announced at this time.

Glorieux