On tranche 2, satisfying option 2 (delivering min 1.2 million...

On tranche 2, satisfying option 2 (delivering min 1.2 million ounces resource estimate) is the ideal for GPR as they then move to 51% ownership of KGD before shares acquired on the takeover bid.

However, note the ticks on option 1 meaning that they have already satisfied 8 million spend and 15,000 metres of drilling enabling a move to 40% ownership of KGD before shares acquired on the takeover bid.

Significantly, both options will move GPR to more than 90% ownership which means they can then apply to compulsorily take 100% control. However, there may be reasons, e.g. tax breaks KGD have accumulated, they will continue with KGD as a controlled subsidiary for the short term.

Notably, back in November CEO Ron Heeks was very upbeat about achieving the 1.2 million estimate:
http://thesophisticatedinvestor.com...pacific-resources&report=management-update-22

Very interesting times I agree Rhama and I am quietly confident about the AISC coming in favourably reviewing reports of the company by Petra and The Sophisticated Investor
and past comments/announcements/presentations of GPR. At POG USD1,200 the numbers should crunch nicely and now we may be saying goodbye to sub $1300, it looks more rosy.

And as for when the resource estimate will be released we can expect early March as stated by the CEO just this past week:
http://thesophisticatedinvestor.com...pacific-resources&report=management-update-25


GLTA.