Ann: BMB Secures New Major Sawin Coal Project - Poland, page-11

Agree zmans, see below an outline of Sawin's coal seams.

The highlighted coal seams are the 3 seams that PDZ are also planning to mine. They must be continuous over the whole region.

PDZ's market cap. is currently $55.9 million and that makes their coal at Lublin (1.576Bt) worth $33.6m or $.0213 per tonne (post their Scoping Study).

It does need to be kept in mind that PDZ have a lot less shares on offer than BMB, so BMB's share price as such shouldn't be compared to PDZ's. They also hold approx. $22.4m in cash and shares (mostly shares).

Our 1.387 BILLION tonnes is therefore worth $29.57 million or 8.7 cents per share post Feasibility Study based on PDZ's tonnage and market cap. (minus cash and shares) yesterday.

It is also worth noting that PDZ's coal quality surprised to the upside when they did their own analysis compared to the historical analysis.


http://ec.europa.eu/energy/coal/eucores/doc/eucores-iii-classificationpoland.pdf