present position......., page-76

http://www.asx.com.au/asxpdf/20110616/pdf/41z7sbhwff66kc.pdf

I have tried to find a comparison for vaulation. Right or Wrong Ill put it up for comment.

ABZ:
71cps (26 week high = 89cps or another +25%)
100mil shares on issue (55 mil on escrow until Dec 2011)
10mil options
MC: $70mil+
Cash: $7mil
Resource JORC: 60mt Bauxite
Targetting: 200 to 300mt
Refinery: At 150mt
Status: Emerging - Valued Inground Bauxite

ORD:
9.5cps
470mil shares
MC: $45mil
Cash: 3mil $ + 3mil$ to come from JV CO + 10mil Debt Equity
Targetting: 300mt+
Resource: 130mt
Refinery: At 200mt
Status: Advanced Emerging - Valued Inground Bauxite

Assuming we get our 300mt target in next update, this will be 5 x the resource of ABZ.

71 cps x 5 = $3.55

$3.55 / 4.7 (our shares on issue) = 75.5

75.5 x 30% (our interest in asset?) = 22.5cps

Assumptions:
1.Given our production and shipping costs would be estimated a lot lower than due to Laos to China, Vs Aust to China.
2.Given the advanced nature of our ability to secure funding for a refinery with 30% of $600 mil refinery, with 30% funding by SARCO IPO, and 70% through Project Debt Financing. ($88,200,000k = $26,460,000 at 30% = $0.055cps)
3. As completion nears, I would expect increase to value of SARCO Shares to appreciate.
3. Given our relatively short time frame to complete a refinery once all signed off.
4. Given Value of by productions
5. Alumina Valued higher than Bauxite after Refinery built.
6. Ongoing Resource upgrades whilst refinery being built.

Assumption Value = 10cps

Time discount 10%

My Guesstimate = 29.25cps
So up more than 300% from where we are now.


NOT INCLUDED:
1. Suple Jack and WW (Gold)- Waiting on results
2. Copper Flats (Copper)
3. 5 to 10% of Caledon (upon GRAM Aquisition of CCD, 26 August 2011)
4. Value of future JV Co new aquisitions as they get them (including note 2- Copper Flats)



If 500mt target attained (total reasonable resource potential 1.5bt to 2.5bt)

71 cps x 8.33 = $5.91

$5.91 / 4.7 (our shares on issue) = $1.25cps

$1.25 x 30% (our interest in asset) = 37.7cps

Assumption Value = 10cps

Time discount 10%

My Guesstimate = 42.75cps