1 billion tonnes iron ore at combined 66 pc, page-20

Great Post... keep them coming.....

There are a few points I would like to make though....

Firstly, your dilution figures fall down on a few fronts... firstly you are forgetting about the gold mines and income....

Selliem is targeted to produce shortly at 20,000oz at a cost of $200oz. That should bring in profit of about $600 an oz, i.e about $12M a year.

Bird in Hand is targeting a 50,000oz mine for at least 5 years.... guessing at a high (and safe) $400oz cost (could be more like $200 given the grade) then there is a profit of $20M.

So, for at least the next 5 years or so, it gives then about $30M a year to spend on drilling, PFS, FS etc.

(Just on the gold mines, the current market cap is silly)

Suddenly they can have a bankable FS, drilling etc completed and paid for with little to no dilution.

Secondly, they also are targeting a large U resource, with contained U of $600M-800M... Got to be worth something???

Thirdly, they are free carried in ERO's tenament... and have currently about $10M in assets in shares... they can always sell at a later date and stop further dilution.

Forthly? They have a furtue Talc royalty payment which could provide further income.

One Options is that they could just go after the Vanadium. PMA have a JORC total of 148MT at 0.46% V205. Have a look at the map and see MXR own 5500sq/kms surrounding PMA. More than 50 times that of PMA's land holdings.... See the diagram on page 14...

http://aspect.comsec.com.au/asxdata/20070720/pdf/00740577.pdf

MXR could have a target easily 2-5 times as big at greater than twice the grade! PMA is currently worth $200M (not mining currently, but large cash holding).... What is MXRs land worth considering the above... 10 times the contained Vanadium...... higher grades, cheaper mining....????....

All this is even before we get to the Iron Ore Deposits potential and worth.

With a current market cap around $22M... I think it is fair to say it in Undervalued..... so what is fair value?

This is the point of the exercise....my point with Grange is that they are worth $300 Milllion Dollars.... they have no gold mines.... no Uranium.... No Nickel deposits.... No Free carried U spec stocks and land..... and no Vanadium....

They also have a lower Fe grade than MXR, also required to make a concentrate, and also have some infrastructure.... Remember MXR is only 13kms away from PMAs mine.... Gas supply, roads etc.... are only 13kms away....

So, what are they worth????? based on gold only... $150M profit over the next 5 years (plus more gold to find)..... have to allow close to $100M ($1 share), then add $800M Uranium..... $50M maybe??? (50c). Vanadium would have to worth at least $100-$200M given the size and grade.... ($1 to $2) a share.... What about the FE.... this must be worth more than the Vanadium value.... low side.... double maybe??? ($2-$4 share)....

I don't know..... How do you value a spec???? How do you value CDU's Copper???? What about FMG.... or GRR....

All I am saying, is even at this stage, I can explain a SP of $5+ a share.... am I right???? Who knows..... time will tell...