So do other shareholders read this as I do, which is that our...

So do other shareholders read this as I do, which is that our share base will be doubled to nearly 1.3 billion shares. Suggestion is that much of the new placement will be to institutional investors, so I am not sure if existing shareholders will get a chance to participate in what will clearly be a discount to market share offer.

Given the Baldwin option has to be exercised within 2 weeks and the EGM is in June, one assumes that the placement will be made to the mentioned institutional investors in the next week or so, and then shareholder approval will be sought after the event. Not sure whether that gives the existing and loyal shareholders the same opportunity.

I can understand the need to raise, what is a lot of capital asap - given the approaching option exercise date and I think that the project is a very large and exciting one with a world class resource and with (typical for VMS type deposits) a lot of exploration upside. However, I note that there are still some political and "security of tenure" risks for us as the EGM paperwork notes (page 12 - 3.4(g)) that until there is final Government approval, MYL can not take a controlling interest in WMM. I also note that this approval will not be sought until the bankable feasibility study is completed - which is probably some months away. The EGM paperwork also notes (page 20) that there are still risks involved is securing Government approval for MYL to take control of this project.

We are at both a potential exciting and nerve wracking moment in time (remembering how Intrepid were dudded in Indonesia by its local partner on the monster porphyry copper-gold deposit) as the company seeks to secure what is a world class asset in an environment where there are still a lot of unknowns and risks. Think the project is a stand out, but my excitement on the geology and resource is tempered at the moment by these political, sovereign risk and timing issues.

I would be very interested to hear what others think.