Ann: Appointment of New Managing Director , page-19

landzt,

You raise a good question. What's Coburn worth now?

Here's a reference to a possible value.

Iluka sold four fully permitted mining leases in 2011 to IMA with a JORC'd base of 955,000t of HM at a good grade of 6.7% with a cut-off at 2.5%. The Ilmenite % is strong and I think its far better product to chase that than zircon.

While these additional deposits are not joined, they are not far apart either. (They do join IMA's existing deposits though - which is helpful). You could say that the strands are narrow but the grade is good. Slimes are also equivalent to Coburn.

Image paid $190k plus 1m shares which were held in escrow for 1 year, quite possibly offloaded by Iluka for around $150k.

Here's that announcement.
http://www.asx.com.au/asxpdf/20110309/pdf/41xbc4g3f9r3ph.pdf

It must be said that Iluka would have spent quite a few bucks on drilling these leases. But it's a bit like spending money on an old car, unless you use it and appreciate it, no one is going to pay what you spent on it.

Pep