seller, page-15

Hi All

Here is my 2 cents worth.

If they can prove up the JORC this is what they will have:-

15 million tonnes at lets say 60% = 9 million tonnes of saleable ore. At the current price for Indian ore of $69/tonne that is $621 million US so lets say at $60/tonne that is $540 million US. At an exchange rate of 87 cents that equates to $620 million AUS.

For the purposes of working out what it is worth in the ground I have seen estimates of 10% of the resource value. That makes it worth about $62 million in the ground. so lets be conservative and say half of that so that equal $31 million.

That is where IMO the market cap should be at and even higher when the production starts.

Constructive critisism is more that welcome but I told you so does nothing to enlighten or educate other investors.

I will be holding as I see 3 to 4 times upside in the share price by March of next year.

Good luck to all.

Joe