who is buying - i am

Why?

In June 11, a friend and I analysed CRC to determine an SP.

Based on 400m shares, 6 year mine life, a low PE of 6, production of 50Kozpa, an IRR of 35%, a total CAPEX of $75m, we calculated a price of 45c. (A conservative estimate).

We also made two observations:

1. The mine had unquantifiable potential for a longer mine life from an increase in the JORC asset; and

2. CRC would only be a very good investment IF the then significant environmental issues could be resolved.

The recent local council decision to now support the mine developemnt and operations and the Court process scheduled to start on 1 Feb 12 to consider the merits of the outstanding 'claims', made it now timely to invest in CRC. The assumption, of course, is that the Court process will find in favour of CRC.

As there still is risk in buying CRC shares, please DYOR as the risk maybe too high for your investment portfolio.

The view of other shareholders and/or potential investors on what they consider to be a fair SP at the time of production would be appreciated.

Cheers

R1