Jan 17 (Reuters) - Greenash Partners:

* GREENASH PARTNERS: AGNICO EAGLE'S C$1.67/SHARE OFFER FOR

O3

MINING APPEARS TO BE A SIGNIFICANT DISCOUNT TO INDEPENDENT

ESTIMATES OF NET PRESENT VALUE

* GREENASH PARTNERS: IN OUR ASSESSMENT AGNICO EAGLE WILL

MAXIMIZE

ITS PROFIT PARTICIPATION IN O3 MINING ONLY BY RAISING PRICE OF

TAKEOVER OFFER

* GREENASH PARTNERS: IF AGNICO DOES NOT RAISE O3 MINING

OFFER

PRICE, UNLIKELY IN OUR VIEW THAT 90% THRESHOLD REQUIRED FOR

DE-LISTING WILL BE MET

* GREENASH PARTNERS: OVERSEES FUNDS WHICH HOLDS 2.7% OF O3

MINING'S SHARES OUTSTANDING

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