asf research

Some research off ASF from Big G

ZDX

Shares: 191,664,117

Market Cap. at current SP (17c): $33m

Total Options: 95,111,493

Fully Diluted Market Cap: $49m


Cash: $391,000K (scary I know, but most recent report shows $1.8m realised in Jan 2008 from exercised options - however, can't seem to find it in cashflow report)


Other Investments (source of cash):

31,396,849 shares (13.5%) in Olympus Pacific Minerals (OYM) listed on TSX

so at current SP 0.33c = $10m CA

so using a X rate of $1.05 I get $10.5m

So for Zedex projects you are paying $33m - $10.5m = $22.5m.

ZDX also has an entitlement to a 2% gross production royalty in respect of Olympus' share of gold production at the Bong Mieu gold project in Vietnam


MANAGEMENT

The boys from Summit Resources - successful Uranium story.


ZDX PROJECTS

Bau Gold Project, Malaysia 50.05% (ZDX Operator)

Recently updated JORC using proir drilling data to 801,000 Oz comprising

Jugan deposit: 7.724MT @ 1.68 g/t = 417,000 Oz Au

Pejiru Deposit: 4.81MT @ 2.22 g/t = 338,000 Oz Au

and

Pejiru Deposit: 846,000 MT @ 1.69 g/t = 46,000 Oz Gold

NOW, I know grades aren't nothing to excited about BUT grade and size should hopefully be upgraded with further drilling according to Directors and there is another JORC update for Jugan due in May with also a new JORC estimate for the Seringgok deposit. Now BAU gold project covers a large area of 828km^2 with a number of areas (9 in total) that have been mined back when it was running intermittently in 1854. In particular, 4 areas have been identified by directors that they say potentially hold multi-million Oz resources. Drilling results to date have been positive with results from Say Seng and Bekajeng with reasonable grades and depths. Furthermore, the project is very proximate to the BAU township and reasonably proximate to Kuching City (40km). So IMHO I think potential upside for this project is considerably large given the sheer size of the project and current stock price and calcs made above.


Tien Thuan Polymetallic Project, Vietnam - 75% ZDX

Lies 50km west of port city Qoy Nhon.
Has been subject to extensive Artisian mining but curtailed by local authorities.
Rock chip sampling received ranging up to 30.50 g/t Au, 100 g/t Ag, 1.33% Cu, 11.10% Pb, 7.23% Zn, 0.14% Mo
12km long structural corridor identified with quartz veins up to 20m with and 2km long


Exploration in progress with mapping, soil and geochemical surveys etc in order to delinate targets for 5,000m drilling planned for 3rd Quarter 2008


Enmore Gold Project, NSW - ZDX (100% + 80% in two other licenses)

Grass roots stuff. Soil sampling etc. Not a lot of info yet.



I'll let y'all do your own research in Olympus Minerals http://www.olympuspacific.com/


You'll see that there is some pretty massive upside potential with this one too but way more developed than ZDX( i.e a pre-feasibility on the way for the above mentioned Bong Mieu Project).


Peace

G