revival of dj carmichael valuation, page-7

We have estimated a valuation of
$1.25 per share for NKP and a Speculative Buy recommendation, based on the Garatau Project and on the assumption that Xstrata will exercise its option. 100% mine cost and 50% jv.

http://www.nkweplatinum.com/wp-content/uploads/2010/08/DJ-Carmichael-Research-Note-%E2%80%93-30-April-2010.pdf

Is X still in the mix, or has Anglo seen them to the door.
Will Anglo/ARM keep pressure on NKP.
If a JV with Anglo, what is it going to look like. 100% mine cost being covered may not be on the table.

Many unknowns still in the mix.