Altura Mining Limited: AJM/AJMOA It is my belief that AJM is...

Altura Mining Limited: AJM/AJMOA It is my belief that AJM is significantly undervalued relative to the value of the assets it holds. The company has a suite of impressive projects including 30% of the Mt Webber Iron Ore project which I have valued at $200m on a DCF basis. The company also has the Tabalong Coal Project in Indonesia which is awaiting final permitting prior to development (value of $37m). The company also has a drilling business which generates greater than US$2m in cash flow per year (Value $15m). Cash reserves are substantial at $13.2m (excluding exercise of AJMOA options) which could be used to fund the company's portion of development costs at Mt Webber. News Due: Receipt of final approval to develop the Tabalong Coal Project in Indonesia. News on the acquisition of new coal projects in Indonesia and the Philippines. Drilling results from the Pilgangoora Lithium Project where drilling is underway. Updated development schedule for the Mt Webber DSO project which currently has a start up target of 2012. Price Target: I expect AJM to be queried regarding Friday's trading this morning and a "no reason" reply might see 20 cents get re-tested in the short term. Over coming weeks as the stock gets onto more radars, I see 30 cents as a real possibility. Disclosure: Holding AJMOA