attention stolwyk ..., page-57

re: attention stolwyk ...?/blue griffin Hi KalmsG,

I don't profess to be an expert in some of these matters.

At the moment:
Based on MTN=A65 cents, the value of the resource per $A1 Market Cap is:

PDN: $3.93

SMM: $21.35

MTN: $116

Note, these are indicative values; risks, production and capital costs as well as profits depend on a number of factors.

Referring to PDN, as you know the main project could be more economic than the other one.

These projects are in 2 countries, thus 2 plants are needed if developed at the same time.

I don't know if one or both African Govts want a "cut" in the form of participation. Souvereign risk is also an issue.

Neither do I advise as to what company to select.

The exercise I did, does indicate the value of resources per $1 market Cap and is therefore useful in a comparison of stocks, IMO. More so, if the differences are great.

PDN is of course the most advanced.

Subject to audit.

Cheers,


Gerry