Ann: Resource Upgrade at Grosvenor West , page-22

Hi David
Really I value your input - thought provoking and you may be right in the fullness of time.I am a very experienced resource investor but this is my first foray into a coal stock. My previous post offers some perceived potential negatives as well as the positives.
You managed to say nothing in far fewer words than me so congratulations with those provocative words.
With respect, you need to offer some substantive comment to support your analysis other than some valuation based on a generic/ standard $1 per ton basis.
Projects and resources are not valued successfully in such a manner - project economics are a more valuable measure - quality / grade of the deposit, access to infrastructure, strategic value, forward looking sales prices etc etc.
Give me a 90mt deposit with quality and financially robust models any day over a 400mt deposit with lower quality, less financially positive outcomes.
DAVID can you comment on say the Intersuisse financial model - where are the holes in that projection??? even assuming that CLR dont find another ton of coal.
Believe the ladies when they say that "Size isn't really that important".
My view is that CLR is appropriately priced on what is known with significant upside if everything goes right over the next year. Should the coal be low quality Coking or Thermal then it is potentially overpriced (Clearly the market got ahead of itself at $2.25, $2.5, $3 - I agree)
Regardless of the reasons, was concerning that the Board lost 2 experienced players but the Board need to be congratulated in focussing all attention into Grosvenor West this year rather than chasing the potentially higher tonnage areas with a sparse of less definative exploration program.