what is the cheapest ev pt hemitite jorc junor, page-15

Rightio i'll have a crack.

Obviously this is very basic method of valuation, just for the purposes of the excercise, lets do it.

POL

Carina, j4, j5 combined JORC of 30mt @ 58% fe. (55% cut off)

Market cap of $75million.

approx $14mill cash.

So, approx. $60m/30mt = $2 p/t.

Now, this is where is gets more interesting.

POL's Bungalbin deposit is non JORC (at this stage). However, previous drilling by BHP in late 60'-70's came up with a figure of 60mt @ 58% fe.

Now although non JORC, this ore is there, the Bungalbin deposit is even listed on the WA Governement web based data base as being a "mineral resource" of 60mt @ 58%fe.

So, lets add that to the resource base that POL has 100% ownership over.

60mt + 30mt = 90mt.

$65m/90mt = $0.67

67cents per inground tonne.

Offtake contracts shouldn't be an issue, given malaysian steel makers the "Lion Group" own 19% POL.

Access to public rail approx 40km from 2 main desposits of Carina and Bungalbin.

PFS completion in the next month or so, bankable feas to start straight after, production mid 2010.

Plus.......250mt+ independent DSO CID targets next to FMG (FDL/FMS derives it market valuation from a look a like target! and is more than double POL's entire Market cap, go figure!).

See my post on this target

Plenty value IMO.

Recent Broker preso

cheers.