Hi BigIsBest,

I have given your post a "thumbs up" to indicate that I appreciate your posting of your point of view, even if I don't agree with it.

By way of disclosure, I hold both Rencore and Bold in a ratio of 5 (RNC) to 1(BOL).

You mentioned that RNC's share price moved from .10 to .15 today on the merger news. I don't think you can necessarily make that assumtion. RNC stock became eligible to resume trading on November 9th....but didn't trade until, I think, yesterday. Also, as you know, RNC is a very thinly traded stock, so its drop to .10 was not necessarily its fair value. If a few stockholders needed to raise funds, it can cause an unrealistic drop.

Bold shares have traded between .11 and .165 over the last month. Bold is thinly traded as well, so who can say for sure its real value.

You state that Bold has more assets. I'm not sure that is a fair statement. Yes, RNC has drilled some of their properties, unsuccessfully, but their best is still to come (REN-8), and any success there will now be shared with Bold. Rencore also has staked the new properties in Quebec, and agreed to JV with Bold. Bold has yet to completed an agreement with First Nations for their areas 52 and 53.

It has been my impression that management (the same for both companies) has done a good job of balancing opportunities between the two companies.

I think a 1 to 1 merger ratio is the only fair way to join these two companies.

Having said the above, I do have a concern however. My concern is that drilling may be held up for RNC......might the merger be conflicted if there was a successful hit at REN-8 prior to completion of the merger. On the other hand, what if there is a hit for Bold at area 55.

Perhaps my point is moot. It may be that both companies have to wait for freeze up to commence drilling.

I will try to call the office in the next few days to clarify the situation.

Holding with confidence,

Canseco