Fluffynymph from your link the deal was announced at the end of...

Fluffynymph from your link the deal was announced at the end of May09 with a CPC company Willowstar- Essentially an IPO on the TSX. It normally takes about 3-4 months to get exchange approvals etc. which would have put them smack bang in the middle of the Lehman AIG debacle. So impossible to raise money at that time with juniors starting 70-95% declines. Even PRU went below $0.20.

I note that the deal was canceled in Jan 09 due to the inability to raise finance - http://www.sedar.com/CheckCode.do;jsessionid=0000F3AChTHhbdHFm6s3_VNiFYQ:-1
Not really any surprise there considering the backdrop of the GFC. I don't think any juniors were able to start rattling the tin until around April/May this year and the only deals getting done were fire sales.

Out of interest though reading your link the value for the assets back in May08 was given as CAN$ 10.1M equiv to about AUD11.8 for the assets. Using that metric and considering gold is on a tear the deal seems to bring good value to EPS.

I hope they announce some more details on the gold project shortly.