non-binding letter , page-12

For myself, I hope this deal fails.

I'm prepared to hold and take my chances with the Eritrean political problems, as i see much more upside ( and exploration upside) in getting to production.

Best you'll see at this stage is perhaps 50 cents/share as an offer ( pretty significant premium on the recent SP), but nothing like the premium in 2 years as a gold producer, when it could be $2-$4 per share.I don't think thats an exaggeration, but it comes with risk.

Yes, its the long view versus the short I know, but the predator is buying precisely because of the inherent value as a producer.