GS, personally I think it could be worth a lot more at the end...

GS, personally I think it could be worth a lot more at the end of next year than what you've forecast. For a start it's already underpriced based on 43MT, let alone at least 100MT; probably a significant rise in iron ore prices for 2008 and 2009; rail access finalised and mining ready to kick off by the end of 2009. Perhaps an element that potentially will have a significant upside to the share price is that the overburden contains enough mineral to be sold and therefore make its removal cost neutral. There's already been quite a bit of negative talk on forums about the amount of overburden, but to have its removal cost neutral would suddenly make Marillana a lot more attractive to many investors - particularly when it's added to the free digging nature of the ore body as well. Suddenly, Marillana becomes a very low cost mine that is at least the equal of some of the other iron ore juniors.

Of course, the overburden may yet prove to be unsaleable, but as Mozart noted, the company is still talking about it - so there must still be some possibility that it is worth something.

The directors have already indicated that the share price it should be trading about 6 times its current level - so the $4 to $5 theoretically looks conservative. Still, I'd take $4-$5 ahead of its current $1.35.