Good offer:

-- The merger consideration provides a significant premium to

market with a cash component NO

-- The superior trading liquidity of merged co. stock NO

-- Balance sheet strength WEAK

-- Opportunity for operating synergies MAYBE

-- Strong management team with operating track record ???

-- Visibility as a Mid-Tier producer TBD

Bad Offer:

-- WTG does not have enough cash and will need to raise additional

cash to complete their objectives of becoming 1M oz producer by 2016 . This will be dilutive to stockholders.

-- White Tiger stock is illiquid.

-- The risk and potential for delay as the White Tiger offer is

contingent on a number of conditions being met, including the approval

of Deutch Bank

-- $13.5M penalty for consideration of better/superior offers (even though same entity is in control of BOTH companies)

-- Since there is no cash component to the White Tiger offer, this may

require that CMM's taxable US investors sell WTG shares to cover tax

liabilities arising out of a WTG/CMM merger.