RE:RE:Buyout on the table.......? Check out this buyout in 1996 ( I owned a few shares at the time and sold early) :
https://www.wsj.com/articles/SB84021309867994000
https://www.nytimes.com/1996/08/30/business/for-canada-s-brash-young-mining-companies-that-pot-gold-may-depend-acquisitions.html
1996
In 1996, Barrick expanded its South American presence, acquiring Arequipa Resources Ltd., which had exploration properties in Peru, including Pierina. Within four months, Barrick had confirmed 6.5 million ounces of gold into reserves. Pierina began production in November 1998.
Here is piece on Aeriquipa just few months prior to the takeover by Barrick Exploration of the Pierina gold property in the Ancash province of northern Peru is returning solid gold values for Arequipa Resources (TSE).
Subsurface sampling is testing a zone of disseminated gold mineralization, previously identified on the 4,000-hectare property. To date, 14 pits have tested an area measuring 500 by 150 metres, to a depth averaging just over 3 metres.
Eleven pits were completed in bedrock, and these returned an average grade of 6.84 grams gold and 31.7 grams silver per tonne for 21 samples. The three other test pits were completed in the overlying surface material and yielded an average of 15.4 grams gold and 47 grams silver for eight samples.
Only one pit encountered mineralization grading less than 1 gram gold, while values as high as 43 grams gold and 155 grams silver were noted. Mineralization is described as disseminated, with little or no sulphides. No vein structures are reported.
The host rock is a highly silicified and leached, volcanic tuff and ash-flow tuff of the Calipuy formation, underlain by limestones, quartzites and shales of the Mesozoic age. The setting is believed to be similar to that of Newmont Gold’s Yanacocha gold mine.
Several additional test pits are planned, as is a 50-metre tunnel for testing mineralization at depth. Drilling is expected to begin in April, following construction of a 5-km access road.
The Pierina is just one of several gold prospects Arequipa has identified on ground it holds along an 80-km-long, structurally controlled belt of rocks in northern Peru.
Arequipa has 28.5 million shares outstanding and $3 million in working capital.
I fmemory serves sme correct, they had only drilled 6 holes before Barrick made initial offer. In four months after acquisition Barrick had confirmed 6.5 million ounces of gold.
NOW DO ANY OF YOU STILL THINK IT IS TOO EARLY HERE FOR A TAKEOVER OFFER?