1. IMHO the sale of 15 mill at $4.75 is carved in stone. PP's are constantly done & usually below the mkt. price. In the case of ARU the closing price for the previous 6 days was below $4.75. This is incompetent management or worse.

2. Assume that only 55% of shs. are tendered. I presume that would kill the deal for a share exchange to K. At this point what happens to the share price of ARU. My guess would be $5.50 to $6.50 until another bidder shows up or the Ecuador Mining laws are passed. Any thoughts?

3. Assume 70% are tendered for exchange to K. That leaves approx. 48 mill. shs. ARU. What chance would a minority shareholder have of a decent price. This position does not appeal to me. K could make life tough. Any thoughts on price if that happened?

4. We need a major holder (10 mill. shs. or so) to lead the charge & organize a shareholder revolt. They would get the needed media coverage & revelation of the real facts as opposed to the cream puff baloney we are currently receiving.

Sprott where are you when we need you??

Joltin