13m buy at 0.7c, page-16

Paul J

Thanks for the post, I've tried to incorporate the $107/oz.
You better start checking my maths though.

I've put your $107 figure on the Vatovorona project and added that number to the Cluff share price from 1 year ago before the VCI deal, my thinking is a year ago the market had valued the tin, NSW gold, diamonds into the shareprice.

Your figure suggests there is a large gap between the way the market values a project and what it may be worth, if Torian is valued by the market in this way I'll be holding on for my dividends.

I wonder what other sort of value the directors can build with a little working capital available?

I don't like your numbers half as much as the ones I came up with but no matter how we do the sums it appears we are still going to do either well or really freaken well.

Any more thoughts on how to improve / clarify a valuation?

Where did you get the $107 figure from, is there more detail on this and how it is used?

Thanks