alternative proposal- 48c raising?, page-3

48c seems too big a discount to the sp.

Based on PH producing 100,000tpa of Cu, the amount of free cash this throws off, based on my calcs delivers a share price valuation over $1.

Now, if I can do the fair value number crunching, then I bet the analysts can also. At an offering of 48c, we would be better off letting the current MM deal go through. Remember, Century mine life is 4 years away. We do not want to win the battle with a 48c capital raising , but lose the war.

HT1