worth a review, page-44

Hi Littletia

have you heard anything new. We must be getting close to hearing about the drilling. Big price hikes coming in the price of coal aswell due to Chinese and Indian demand. Should exceed $200/tonne by the end of 2008.

Also I would expect that by the end of 2008 all of Bowen's 5 coal projects will be drilled IMO. Considering that the company is hoping to target coal resources between 200-300 m tonnes on each of them, this would give us a mean resource value in excess of $3 billion per project, you would have to think that BWN with a market cap of $8 million dollars @ 16c share is going to do extremely well.

Superb leverage on the 20c 2009 oppies aswell which are trading at 3c, if the future coal drilling prooves up these resources, we will be looking at a couple of dollars per share IMO.

What sort of value should we assign to prooven coal resources in the ground, I would think that at least $5.00/tonne would be appropriate in the current market, if that is the case we could be looking at $1 billion dollars attributable to BWN for each 200 m/ coal project that is prooven up in 2008 oe $25 value per share worth per coal project.

Any other views out there. BWN does not have to sell any of their coal projects to Bushan, they only have first right of refusal on any offer. That's my understanding anyway.

Interested in knowing the views of others, as this one seems to be undervalued. Should get re-rated once drilling starts.

All the best

Scott