HIGH-GRADE NI-CU-PT-PD-ZN-CR-AU-V-TI DISCOVERIES IN THE "RING OF FIRE"

NI 43-101 Update (September 2012): 11.1 Mt @ 1.68% Ni, 0.87% Cu, 0.89 gpt Pt and 3.09 gpt Pd and 0.18 gpt Au (Proven & Probable Reserves) / 8.9 Mt @ 1.10% Ni, 1.14% Cu, 1.16 gpt Pt and 3.49 gpt Pd and 0.30 gpt Au (Inferred Resource)

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Message: A new bidder maybe?
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Rico, I'm with you - still holding.

It's been almost exactly 5 months since BHP's initial offer of $0.55, and it seems rather anticlimactic for them to give up already. 

That said, I'm not sure whether BHP has to now formally notify the BOD that they are out (e.g. formally withdraw their offer), or if it just dies on the table after 5 days. 

Although another bidder may need to come in with a substantial offer to beat off Wyloo (maybe the $10-$14 Peter has suggested), it's not clear to me how the Wyloo takeover is going to work. As I said in my earlier post, Wyloo seems to be just an investment house, they don't seem to actually operate or develop any mines themselves. What are they going to do - sell their stake in NOT to Fortescue?

Cheers,

Hobbit

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