'rivals at mine's door', page-2

You seriously don't expect Barrick Gold to bid for AND?

There is a matter of market perception involved here.

The multi billion dollar majors cannot bid for small companies that don't even have a JORC compliant resource.

It will damage their credibility and market perception of their growth prospects and raise issues about the longevity of their gold resources.

In addition, if the market believed Barrick Gold was interested in bidding for AND then AND would have risen today. IT DIDN'T.

My feeling is Barrick Gold may be prepared to enter a joint venture with AND. That will be no takeover defence....if so that may also bring Barrick's out of money hedging liabilities also on to AND when and if the project is developed. (Jim Sinclair explains this clearly.)

MY MAIN POINTS REMAIN VALID.

The KCN bid currently values AND at around $115 million. AND do not even have a JORC compliant resource with which to defend themselves.

Whatever they may have is at present FAR TOO SMALL to attract a bid from a major who want multi million ounce deposits.

How many smaller companies are going to value AND at say $130 million plus when there is no JORC compliant resource?