Takeovers

Zijin Mining Group Company Ltd (Zijin) is offering for all the shares of Indophil. Consideration is $1.28 for each share held. Conditional on 90% share acceptance and Chinese Regulatory Authorities approval. FIRB approval has now been received. Zijin and Xstrata Queensland Ltd have entered into a pre-bid acceptance agreement for 19.99% of IRN. IRN Directors unanimously recommend shareholders accept the offer in the absence of a better offer and intend to do likewise for their own shareholdings within 14 days from the start of the offer. Zijin are now entitled to 30.15% of the voting power. The offer is extended to remain open till 16 April 2010.

Source: http://www.tradingroom.com.au/apps/view_breaking_news_article.ac?page=/data/news_research/published/2010/3/71/catf_100312_122700_3548.html

Note that Indophil issued 25.9M Indophil shares to Alsons Corp. when they aquired Alsons` 3.27% interest in Sagittarius Mines Inc., the holder of the Tampakan project and Alsons Corp. owns 41.21% of ACR.