Folks,Not sure how this slipped under my radar, but there's a...

Folks,
Not sure how this slipped under my radar, but there's a report from Resource Capital Research on the KOR website dated late September. They're talking about 33c per share from Geolsec & Bobrikovo alone (ie ignores Melrose & Bobrikovo).

I can understand people buying at 17.5c, but I don't understand people selling at 17.5c.

"Investment Comment:
KOR has plans for four new mines, one spin-off in progress (UAU) and another planned for 2010 (LUG).

At US$850/oz Au and using DFS parameters, NPV of Bobrikovo oxide operation is A$6m (5% discount rate), with upside from developing the sulphide; GeolSec, at 30ktpa, margin A$350/t, for 5 years (and 5% disc), has NPV A$20.6m – a combined A$26.6m or A$0.33/share for these operations.

With several advanced projects, exploration properties in WA (gold, iron ore, uranium), and a market cap of A$16m, KOR appears under-rated. UAU and LUG spin-outs could help unlock some of this latent value. "

Full report at:
http://www.korab.com.au/analysts.html