Ann: Trading Halt, page-21

In a previous life I was a gold analyst. In a takeover situation, as a quick back-of-the-envelope calculation, we used 5-10% of the in-situ value as a rough guide (maybe up to 15% if it was in say Australia). I would say that in those days (it was a while ago) the gold price wasn't as manipulated as it is now. Also, whilst the gold price looks reasonably stable at $1300, takeover valuations would be worked off a deep discount to that. Maybe even $800-$900. Further, Turkey is becoming increasingly closer to trouble if you know what I mean (sorry about the English there).

I bought this stock expecting to sell it north of 60c. That was a number of years ago now and I certainly don't believe we will see that sort of level.

The potential buyer is coming from a position of strength. There would be many many capital raisings between now and first gold-pour if CHZ went on it's own. With the weakness in gold markets and the subsequent deep discount to value CHZ currently is ascribed, I don't think we can hope for too much. Happy to be proved wrong as this property was described by a London based analyst as one of the top prospective gold properties around.