i became very excited yesterday, page-27

re: patient long term stock Ronald,
imo yeh polymetals get 50%, but and I quote from the 2006 annual report, "The JV parties have agreed that Polymetals (PMS) will operate HZCP and SOLE-FUND the start up costs up to an amount of A$6million, whereupon the 50/50 JV is activated.
After PMS has spent A$6million, the JV will commence to bear the HZCP operating costs for a period of 2yrs, with an option for PMS to renew the HZCP yearly for 2yrs further. 4yrs after commencement of the JV, INTEC will have the RIGHT TO ACQUIRE PMS's 50% interest on the JV FOR $1"

The value of this venture should be added to a base price of $0.11, which is the approx NTA the company hold in The Hellyer Mill, Burnie Demo Plant, I.P Rights and patents and there stake in BSM, (very conservative valuation considering the mill cost $120 million to build for western metals), in my books values the company at anywhere between $0.42-$0.96, according to the spot, 3m and 15m metals prices and including long term averages.