RE:Sent to BNN WWH,
You said:
"Also, Eldorado is forcing the issue prior to the bulk sample processing. Who does that? Isn't the point of doing a bulk sample to de-risk the project? Recent drill results for C2 and C4 show wider widths and higher grades which indicates that bulk sample results will be great. To me, it is obvious that Integra and Eldorado have been working together and want to close the deal prior to other drill results and the bulk sample being completed." I would offer the following comments:
ELD has the inside track for Lamaque (South) Gold Project, and the main part is Triangle. It has one member (a senior geo, presumably) embedded in a 3 member technical team, so ELD knows this project inside out (as well as the northern portion which include Sigma, Lamaque Deep and the rest...since people do talk freely over drinks, etc).
Would agree that bulk sampling is designed to de-risk the project, but mainly it's something for show to an outsider (not an insider like ELD) so that they can wave that fact in front of their board members or shareholders that the project has gone through a de-risking step (a CYA action). ELD knows it all, its geo has gone down underground and involved with every steps along the way. He has seen high grades and the geo structures.
Let's just assume that ELD were successful in aquiring ICG in the end, it would not come as a surprise to see that they would skip the 5000 tonnes bulk sampling and go straight toward production using the same development/production ramp.
If I were ELD I would do the same thing. Knowledge is king, and ELD just wanted a head start with all that knowledge, hoping that nobody else would notice the offer (low-ball, but they have 3 days to match a more superior one). However, others such as AEM and G (also smart operators) may take this offer as a vote of confidence, with or without the bulk sampling (knowing that ELD has an inside track, besides they can find out ICG potential from some other ways, e.g. talking to ICG management directly)...and join the feeding frenzy with more superior offers.
I am betting on a bidding war, although I am not quite sure about the timing (next week may be too soon?), but they would have enough time from now until ICG is ready with the Info Circular for the voting. If you are not selling your shares, there is no need to rush in with your vote, at least don't vote YES too soon. A No vote would send a signal to ELD that the offer is a low-ball and it 'd better come up with something better. ELD can alway pull off the offer. But, so what?
That would give ICG some breathing room to head toward it's own production as some posters on this board wanted... and a chance to release the buld sampling and drill results.
Let the game begin.
GH