link to the rapport.
Best line from the rapport
"if we had not risk weigthed oud valuation, then our valuation will be $ 1.06 per share" !!!
http://www.kasbahresources.com/cms/attachments/838_Kasbah%20Resources%20(KAS)%20-%20OctaPhillip%20-%202012%20March%2014.pdf