massive discount to takeover offer, page-15

Hi Vasilly6,

First off I should say I�m only invested in GGG, got the tick box wrong. Also I�m not here to start a �war� between you and us as to who is the better company to take BBing forward, but I think it�s good we understand both PI�s (private investors) position/thoughts so we can better get the right result for the benefit of both company shareholders. Have to say I don�t know too much about AZX BoD, only what GGG posters have said which isn�t too complimentary. As Serious Punter has said we heard they gave themselves a nice share option price that seemed extremely generous?! I�d appreciate AZX PI�s view on that.

AS for GGG BoD, well I�ve been with them 2 years and our MD is, imo, fantastic and very approachable. Never met him but for example I emailed the company a year ago to enquire about a financial issue. Jeff (our MD) couldn�t reply as an RNS (News release) was being prepared for everyone, but when it was released he took the time to actually call my mobile! Also just last week I emailed him again regarding the merger, he emailed within the hour that he was in meetings all day then replied at 00:26 to say he�d only just got in and apologies for the delay. Top bloke imho.

Anyway regarding your points. I read the Auzex response and noted they did not deny the allegation from GGG that Auzez wanted to go down to 1 rig. GGG have publically stated they want to go to 4 or 5 rigs.

Re the listing which was only open to Aussies, GGG�s response to Ausex was:

�Auzex has significantly hindered GGG's process to list on ASX.

The capital raising conducted in connection with GGG's proposed listing on ASX
was successfully completed and closed oversubscribed on 25 January 2011.

As part of the listing application and approval process, the ASX has sought comfort whether Auzex, being GGG's joint venture partner in the Bullabulling Project, expects to incur expenditure on the Bullabulling Project to 31 December 2012 of at least $13.8 million (Auzex's 50% share) assuming the results from drilling and feasibility studies planned for the first 6 months of 2011 to confirm that development of a mine is feasible.

Despite a formal request by GGG, Auzex has to date not been willing to provide the information sought by ASX. This has caused the proposed listing of GGG on
ASX to be delayed significantly.�

So it seems, if we believe GGG BoD, that ASX asked AZX for info but this was not provided despite GGG formally asking AZX to provide the info. AZX say they asked to �meet� GGG BoD but surely this could have been done via video conference and surely all was discussed prior to the listing?!?

Regarding GGG �slowing� down AZX, can you explain why you think this? That doesn�t make sense imo. Why, well the bigger and better BBing becomes the better the 7 for 5 deal appears to AZX holders as GGG already own half. Put it another way, I�d be happy to take 7 for 5 if I believed AZX could or wanted to move BBing as fast as it 'appears' GGG want to.

Anyway I�d appreciate AZX�s PI�s honest views regarding your BoD, the options they awarded themselves, why you believe AZX are the better company to move BBing fwd etc. Also like to know where you think the project will go if the offer is refused and how that will effect both our SP�s.

Thanks

Temu