If you tender your shares you get the same deal that Kinross is offered everyone else (0.317 OF A KINROSS SHARE AND 0.1429 OF A KINROSS WARRANT per ARU share). The value of this goes up and down based on the value of the Kinross Share price and warrant value. Today it went up because gold went up and drove the price of kinross up. If gold goes down the price of Kinross will go down. No matter what you will still get the 0.317 OF A KINROSS SHARE AND 0.1429 OF A KINROSS WARRANT per ARU share.

If you sell your ARU shares on the market you get whatever amount you sold them for.

If Kinross aquire 90% of the shares they will go to court for permission to force the remaining 10% of the shareholders to tender there shares for the same deal that everyone else got (0.317 OF A KINROSS SHARE AND 0.1429 OF A KINROSS WARRANT per ARU share).

If Kinross does not get 90% then the shares continue to trade and value will be based upon what we have in the ground, what we find, changes in the laws etc. That may move the price up or down (us longs think it would go up but then again I thought we would be getting $40+/sh when we got taken over).

If Kinross does not get 90% they can still petition the courts to force us to sell to them but in that case the 'deal' for us would be different from the deal above. The courts would decide what was fair or even if Kinross would be allowed to proceed.

So the worst case scenario is that you hold your shares and see what happens in the next couple of weeks. There is little downside and some significant upside if the mining act comes back in our favour, or you can tender, or sell. Personally I'm holding until the end.

.... Been There