Ann: POSCO to Invest in the Coburn Zircon Project, page-4

re: Ann: POSCO to Invest in the Coburn Zircon... Good news!! Finally after all these years this could be about to happen.

Gutfeeling, I'm not sure that is correct but please prove me wrong. My understanding was that previously $40 million (our guess really) was going to go to GUN directly therefore this revision is $12 million worse off = more funds to find. This is the sting in the tail to what is otherwise a big development - what level will the capital raising occur and therefore how much dilution.

My longer term valuation had been 40-50 cents some time back but this diluted down a little bit. I haven't done any calcs yet but this may come down even further to maybe 30-40 cents on a two year time frame.

Anyone done any valuation calcs at this stage?