sp valuation of 6.85

From Huntley's analysis on 4th Jan 2008:

"CMR Valuation Per Share:
Browns Oxides $1.35
Browns Sulphides $3.20
Uranium Projects $1.05
Other Exploration $0.74
Royalties, cash, options etc $0.50

TOTAL $6.85"

Their valuation is more than 2.5 times the current value of the SP. Is this incredible value or am I missing something? I don't know much about about this co but am investigating. It seems confidence in management is not very high with delays to production and cost increases. However resource value doesn't seem to be reflected in the SP. Anyone care to shed some light on this?

I do not hold.....yet, am researching.