Lets call it "WHAT IF".

The deal completes under a new joint venture.

The new joint venture symbols are CRY. for China Railway.

We base the joint venture on KRY having 500 million shares now outstanding.

Lets say the new company CRY is based on 100 million shares.

70%/ 70 million to CRY. 30%/ 30 million to existing KRY sharteholders.

We would receive one for every five shares held.

To arrive at the 190 million present valuation each new share would be valued at 5 times .38 or $1.90 Cdn.

We would own 1/5th as many shares as we do now but the value would be the same.

Of course there are other things the accountants may be considering re broadening our resource base for this new entity through mergers or buy outs that are under consideration. This could well be what is taking the additional time.

Complex yes, but one step at time may well be the best solution.

Especially in the mining business.

We could be sitting on the future Venezualan Barrick Gold or Newmont Mining Co. as new properties are merged in.

Best wishes to all.

Sm