rmi trading @ just 5% of independent valuation, page-21

even if the company was unsuccessful in getting the wowo renewal approved, don't you think based on the independent valuation someone might buy the project for let say $20M and keep it in there project portfolio bottom draw for the long-term.

This company is not cashed up, but someone cashed up and with the right industry connections will be in a better position to get this project to walk.

"At the request of Resource Mining Corporation Limited (RMC) this report provides an independent
opinion as to the cash value of RMCs Wowo Gap Lateritic Nickel Project, Papua New Guinea, and
has been prepared by John Wyatt, Principal of Geological Investigations Pty Ltd (GI) in accordance
with the requirements of the Valmin Code (2005) as adopted by the Australasian Institute of Mining
and Metallurgy (Aus IMM)."


In the opening paragraph to the valuation report as exhibited above, the valuer is providing a "cash value" for the project as of 5 jan 2010, therefore, based on the assumptions and factors his taken into consideration, he believes the project is worth approx $160M AUD. Please see ASX announcement report for yourself.

There is alot of risk being the companys only major asset but i would think if it's got such a substantial value according to the independent valuation report, in my view the worst case scenario for the company maybe to sell that asset, take the proceeds from sale and decide the companys new direction and strategy moving forward

zak

DYOR