Ann: Significant Coal Intercept at Nuurstei Cokin, page-6

re: Ann: Significant Coal Intercept at Nuurst... company is not so oversold

it has 206,229,835 shares & options on issue

the market cap @ 50 cents less $37m in cash & options is $56m

their thermal coal is not particularly compelling, due to the low quality

so if XAM only had the coking coal, 40% ownership makes the equivalent of a $140m market cap if XAM owned 100%

as/if the price moves up, the market cap blows out for the 40% equivalent

eg. share price reaches $1, the market cap becomes $400m for the equivalent of 100% ownership