IVA hold 19.99% of EXS. They also have JV's with EXS right next door to Merlin.
IVA have paid up to 35cents for EXS stake.
Wouldnt surprise me if they made a bid for the rest of EXS.
EXS have a great Copper/Gold/Uranium project at PFS stage at Cloncurry and also progressing White Dam gold Project due to start production late 09.
Good chance EXS have Rhenium etc in their tenements next to IVA too.