fully valued????, page-6

Sorry, I cannot understand how you get your share valuation of 14.5c from a $50 million asset.

The way I see it we place a profit of $100US per ounce
Multiply this by the resource of 500,000 ounces.

then divide by the 291 million shares

This would equal US$0.172 which converted at 70c to the AUD equals 24.5c

I also think the company seems fairly confident 500,000 ounces is the lower end of the inferred resource.

They talk of a ten year mine life with 100000 ounces per year from 2007.

so if we double the resource to 1 million ounces we now get the 49c per share with no value for the copper..

Please show me where my calculations are in error. i have only two assumptions $100US profit per ounce and at worst a 500,000 ounce resource.

All in all the current share price of 17c still seems cheap to me and I guess the buyers from Friday probably agree...