Fom the other board...Comments from Jenning:

FRIENDLY ACQUISITION BY IAMGOLD

?? Trelawney has agreed to be acquired by IAMGOLD

for $3.30 a share or $608 million in cash

($505 million net of Trelawney's cash).

?? The offer is based on a 36.6% premium to

Trelawney's 20-day VWAP.

?? Shares held by IAMGOLD and Trelawney's

Management and Board represent 13.3% of the

current shares outstanding.

?? The offer requires 66 2/3% approval by Trelawney

shareholders and is expected to close by the end of

June, 2012.

?? The offer is subject to a $21 million break-fee,

representing approximately 4% of the "net-of-cash"

offer.

?? Net of cash, this deal values Trelawney at $73/oz Au

of total resource.

?? Given the deposit size, exploration potential, land

position and access to infrastructure, we view

IAMGOLD's offer for Trelawney as too low and

opportunistic given that the price of junior gold

companies is at an extremely low level on an EV/oz

basis. Our "gold comps" currently trade at an EV/oz

of $40. Obviously, this deal works well for

IAMGOLD's shareholders.

We are increasing our target price on Trelawney

Mining to $4.25 and maintain our SPECULATIVE

BUY recommendation and ABOVE AVERAGE risk

rating. Our valuation is based on a "fair" offer for

Trelawney of $100/oz (i.e. $687 million) plus

Trelawney's cash of $103 million, for a total "fair"

deal that ought to be worth $790 million.

We are aware that Trelawney has numerous

confidentiality agreements that now fall away with

IAMGOLD's offer. We believe there remains a strong

possibility of a competing offer for Trelawney.