RE: VISIBLE SHAREHOLDERS To Re Cap Some Facts
•Purchases up to 19.9% are not "take-over bids" under applicable Canadian securities legislation, and, accordingly, the Zara offer is intentionally structure to insure that the Visible shareholders are not afforded the protection of the rules applicable to take-over bids;
•Visible Gold Mines shareholders who deposit their shares to Zara's offer are not entitled to withdraw them, which is a basic fundamental protection afforded to shareholders under applicable Canadian securities legislation;
•Since the offer is not conducted under applicable Canadian take-over bid rules and that no prospectus has been prepared in connection with the shares of Zara offered to Visible Gold Mines shareholders, the Zara shares will not be freely tradeable and will subject to statutory resale restrictions under applicable Canadian securities legislation.