CDV chart, page-39

Definitely right on , it takes time to reach each milestone required for development of company.

For very basic valuation on resource basis (not reserve, as we do not have at this stage) overall gold company valuations fluctuate from 35-55 $ USD dollar range depending on the quality of the asset. Purely based on that and with knowledge of low recovery of gold lets say we are valued around low side of this range, as we are coming out from quiet a crisis, and So could do with 50$ AUD.

Resource based valuation - 200 M AUD -225 M AUD (thinking that latest drills added a bit more)
Current Valuation of CDV - 145 M AUD on fully diluted basis.

If you look at that, we are certainly undervalued. As we come up with a bit more convincing results in metallurgy and resource we will go up in valuation ladder for higher USD per OZ and for sheer size and eventually catch up.

To come up with more exact valuation based on production scenario, i would wait until we have something in measured or indicated resource.