very significant appointment..., page-16

Angry

In Fortitude, there is a 7.1M Tonne resource at 2.14% Cu.

So, conservatively, that is about 150KT of copper, worth about US$8K/T.

So the resource has a value of about US$1.2B. Multiplied by our current holding of 40% we own US$480M worth of inground known reserves of copper right now.

If you take a common valuation of an inground resource at 10% (especially before JORC), CDB is currently worth US$48M, or AU$52M.

Currently about 400M shares on offer - another 90M odd in options if we add as the dilution.

So CDB on its own is worth right now about 10.6 cents per share. In the example above, we also added in the full dilution, so we need to also add the cost of the options as well which gives us a $65.5M market cap.

This gives us a shareprice of 13.4 cents, or 13 cents per share if we do not add in the dilution and option conversion of the options.

So at a conservative level this is pretty close to the current price for one resource alone! Add in the $8M from selling Mantada (if we did so) with the $20M on the table (our 40%) and we get a diluted share price calculation of 15 cents just on the known hard facts.

This share price calculation is not including:

* Diamonds
* Any new oil consessions
* Longonjo and Catabola etc which they are currently drilling

If you add in the additional shares for Fortitude (65M) and our stake raised to 64%, the base shareprice comes to 17.7 cents. Again just on the known hard facts.

A screaming buy.