Here goes, all my opinion and assumptions made as Indiana have...

Here goes, all my opinion and assumptions made as Indiana have not disclossed material information regarding their cash.

VALUATION

1. Cash of circa A$71.5 million,
LESS: 18 % of Nett - being 18% of US$ 23 million ( last payment of US$30 million less final loan repayment of US$7 million)
EQUALS: A$71.5 less A$6.5 million = A$65 million OR 10 Cents per share.
2. ADD an estimate for Minos Gold
At an guess 300,000 ounces when a JORC comes out @ 150 per ounce ( shallow, open pit, good ground and at circa 1.5 to 2 grams per
tonne - this is less then 2 percent of the current spot gold price.
EQUALS A$ 45 million or 7 cents per share.
3.A$ 20 million for all our great ground REE and other excellent walk up targets.

EQUALS 20c per share