I agree. It is all up to Hawkes Point. As mentioned here, if CMM...

I agree.

It is all up to Hawkes Point.

As mentioned here, if CMM come out with a reasonably sized high grade deposit on top of what they have then the stakes will be a fair bit higher. The problem for shareholders is that to get there more capital will need to be raised resulting in dilution. Plus it will take time and shareholders can lose interest and sell before anything worthwhile is defined and recognised by the sharemarket. The gold price and sentiment is not helping the tiddlers.

After I purchased CMM shares on the date of the announcement I looked up what HP was and felt uncomfortable with them so sold out the next morning. I liked the deal because it meant getting RRL shares cheaper given my entry had been at a 21% discount to the bid price. I can understand the pros and cons of the deal, but unless they do find a substantial higher grade deposit and avoid excessive dilution, the RRL offer seemed reasonable to me given the factors I mentioned in an earlier post.

As things currently stand I am not expecting another Oz based goldie to make a higher offer. If they prove up a lot more ounces, particularly some at higher grade then EVN and some overseas goldies may find them attractive enough to make an offer.

loki