the market being forward looking will price in future earnings before they get to production. I believe a 1 billion market cap is more likely by the time they start producing in 2012. Depending on how they fund the capital required to get to production there could be a couple of billion shares so the price could be around 50c. The share price the market determines is fair will be also based on proven reserves at Karoo and Wyoming so they could be trading on a P/E of around 20-30
7.0 close, page-35
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