While its tempting for some to take the offer on the table, I do not understand how any shareholder cannot feel that they are being hoodwinked given the drill results that have been pending for many, many months. You are being asked to sell something for a price at which the purchaser knows the value of but you don't (even though you paid for the information that the purchaser is in possession of).

To use a hypothetical example, suppose you and some buds are out hiking and you find a valuable artifact laying in the dirt. You all agree that you will split the value of what its worth. One of your buds (probably a former bud now) says "hey let me get that appraised". After getting it appraised he meets with all of you and says "Hey friends, I'll give you each of you guys a 100 bucks for this, whaddaya say?". You ask "what did the appraiser say its worth?". And he says "I'm not going to tell you but I recommend that you take the $100". Do you take the $100 bucks?

I think there's a good chance that the current run up in the gold market will begin consolidation soon (perhaps after the ECB announcement tomorrow?), so a normal 38% retracement of GC's runnup would leave it in the mid-25 range - so this deal won't look so impressive then. It is at this point (next week?) that I fully expect AEM (alone or in partnership) to take a run at this. This is a new (very large?) gold camp in a well established area with infrastructure and the opportunity to own it for anything less than $1 billion is a steal.