good value now., page-14

Jonesy,

the issue of up to 42mil shares did not go ahead .Before the meeting I had it clarified and the maximum no of shares that could be issued to any or all directors was a total of 14mil the rest to be offered to non directors.
The shares were to be issued if an opportunity showed itself , but nothing did.
I note that they made an after tax profit for the 6 months of $2.22 mil or 1.45c per share.They're not very quick on giving any detail or explanation.
My calculation is the NTA is 15c per share , if the Directors were more open with information the share would be trading closer to NTA valuation.
One interesting fact in the 6 month result was $20,120 expenditure on exploraration or project evaluation and a further $20,000 forecast for Q 3 . This could indicate the may be getting off their chuffs.

Moneyman