comparison 2 tty

look this is just a very simple comparison and plse tell me if i havent made any errors:

if we assume that FRS will roughly be a similar producer and have a similar resource to TTY (territory resources)

then market cap comparison to TTY or TFE:

FRS mkt cap is 71 mill

TTY mkt cap is 200mill

thus no.shares in FRS is roughly 75million shares * 0.95

thus no.shares in TTY is roughly 155mill shares * 1.30

Assume FRS by time of production has 125million shares

thus 125million shares * what? = TTYs mkt cap of 200mill

the answer is : 125million shares * $1.60 = 200mill mkt cap

So until 2009 production over 2 years theres potential 60% return plus more upside???

Am I right or wrong in this simple analogy???

Without dilution of an extra 50million shares, FRS share price would have to be $2.60 to compare with tty.

But there will be dilution no doubt ala TTY

thus is there greater upside in other iron ore plays???

Its already at $1.00, so maybe Ive missed the boat as other near term producers may offer better returns???

Still 30% a yr or so aint bad if the share price gets to $1.60 to equate my diluted mkt cap with TTYs.

please help

TTY is slated to make 13cps I believe: 20millNPAT/150mill shares last I heard according to FAT PROPHETS from a few months back

this couldve changed by now though.

how much dilution do u guys expect on FRS???