Ann: Final Assay Results from Selenge Iron Ore Pr, page-3

re: Ann: Final Assay Results from Selenge Iro... HAR seem to be doing everything right. Every announcement meets or exceeds the expectations of the resource in terms of quantity and quality.
Whilst we need to wait on the upgraded JORC numbers, there seems no reason to doubt that they will hit all their targets. HAR constantly tries to draw parallels with the neighbouring Eruu Gol mine which is the most obvious comparison and is currently producing 5Mtpa. Perhaps their valuation of $2bn back in 2009 is seen as inflated in the current market but the potential of HAR seems likely to be larger in terms of resource targets. I'm not implying that HAR is worth $2bn now but I certainly believe it has to be worth more that the current $40m market cap.
This would have to be one of the most undervalued stocks out there.
What am I missing???