spoke to the company, its all good, page-4

Hi Nic,

I worked out the PE using the $110 million market from Comsec and divided it by the $27m projected earnings for 2011/2012 to get a PE of 4. (taken from the Feb 2010 presentation, page 4)

I realise there are some oppies given to Mac bank etc that will dilute the MC and hence value of investment but I think this will be more than compensated by the potential extension to mine life from 10 to 20 years through drilling out more of the resource and potential increases in commodity prices 2012 onwards and plant/process optimisation upgrades etc.

In short this project has been a long time coming but is close to fruition. Eventually a broker will do a write up on it but atm you have to do your own calcs. Thats where the investment opportunity is for us small cap punters.

Cheers,

SD