breaking up, page-12

At this stage it's premature to assign an accurate valuation given that we have numerous pipeline projects underway, future acquisitions, plus the exploration and activities of existing projects are yet to be ramped up.

Suffice to say, based on Pan Asia's medium term target mineral resource position of in excess of 100Mt, comparing that with the peer group average, a share price target of $1.40 per share seems quite reasonable.

Pan Asia will be sharing in Coal Production of around 3 million tonnes by 2012, with the potential to expand output to around 10 million tonnes in 2013.

The company is aggressively pursuing it's target to define total resources in excess of 200 million tonnes by December 2012, which will mean Pan Asia will have attributable resources of more that 100 million tonnes.