Just review the annual report, Cash backing is $10.7m /259m...

Just review the annual report,

Cash backing is $10.7m /259m shares =4.13c per share.

NTA $21.85m/259m= 8.5c/share

CBS will devest some unranium project, I reckon the return could be at $3m-5m range, possible another 1.5c-2c cashing backing per share.

Possible 5.5c-6c cash backing soon.

JORC target: 1bt+
Aim to be 5m+pa iron ore producer from 2015
15mtpa port/rail access right (free cost for CBS)
Tax benefits

Iron ore grade is in line with Brazil industry.

Compared with SDL, much much cheaper and could attract potential investor like HanLong. you know Hanlong needs to pay $3b alone to access to the port.

Port access right alone, has huge potential and could be much higher value than Current SP at 3c.

My short term target is 5.5c per share!