bazza, I am trying to work out numbers for this one. The current...

bazza, I am trying to work out numbers for this one. The current market cap for FML is $134m. Reasonable value here if the Shandong deal did not go through. Cash and cash equivalents of around $24m, so the market has set a value of FML assets @ around $110m. FML could, as you say, probably go it alone, and be seen as "cheap" (just guessing there). If the refurbished Crescent did get sold (back to Stone?) for say $50m- with them keeping their current shares- FML would look even cheaper for its assets, and have a big cash injection. That idea probably has merit. however report mentioned above, says FML has net debt of $50m, so selling Crescent would just pay that off.

If the Shandong deal does go through, FML comes with an automatic market cap (undiluted, but many options expire, out of the money, at the end of this year) of say $250m (8,087,000,000 shares X .031c = $250,697,000), most of which will be cash. Removing the net debt of $50m, the market cap becomes $200m, with FML being debt-free-hopefully, that is their aim. FML has a production aim of >200,000 ounces. It's an aim so far, not a reality, but if it did reach that aim, it would become a mid-tier miner (I read the other day that "mid-tier" can be defined as >200,000 oz production).

So, $200m market cap with no debt, or $250m market cap with $50m debt. Then it's up to the company to reach production levels, and reduce cash costs. Feel free to pick up any errors in my numbers- never my strong point.