Ann: Initial Coal Resource of 339Mt at Hinton Coa, page-15

re: Ann: Initial Coal Resource of 339Mt at Hi... on a completely diluted basis, including 82.5m shares to be issued on forther resource definition and before raising more money, there will be 378mil shares on issue.

At 15c that gives a market cap of approx $57m. Placing a value of 17 cents a ton on inground resource which places well down the value chain when compared to other developers.

If I take out the performance shares of 82.5m shares thus gives a market cap of $45m. giving a value of 13 cents in ground

Given the management, the fact that in order to have all the performance shares issued they will need to have a resource of 500mmt, this is the best coal play on the market and in my opinion is grossly undervalued.