patersons report, page-6

Wouldn't read too much into Patersons valuation as they are only using a long range thermal coal price of US$75 per tonne. Coalspur's scoping study used a long range price of US$87 as modelled by Wood MacKenzie. JP Morgan use a long range price of US$90 and Merrill Lynch have recently upgraded their long range price to US$100. When any of these prices are used in a DCF model the NPV increases substantially thus, so to, any share price target.

Let's wait and see what the Canadian brokers use. I am sure it is higher than US$75.

Regards

Danash