TBR/RND own 49% of the EKJVTheir share of production is 70,000...

TBR/RND own 49% of the EKJV
Their share of production is 70,000 ounces per year.
Mine Life around 6 years with limited exploration going on.
Grade 12g/t overall costs around $400 per ton
Gross Profit around $60m plus per year.

TBR has around $70m of cash or gold at 30th June 10
Page 35 & 67 of annual report

Present Value Valuation of their 49% of asset say around $200m

TBR 75% $150m RND 25% $50m
Plus cash $70m
Plus 46% of RND $25m plus
Plus Ghana assets
Plus current production from june 10

Minimum $245m plus plus

Price at least $5 per share

Any views??