niclou,unless you have a resource model available to you, you...

niclou,

unless you have a resource model available to you, you could drive yourself crackers trying to model this deposit from the data provided. The best information that we have available is the exploration target, suggesting between 50k & 300k tonnes of copper. SBR has an 80% interest (I think that the other 20% is held by the Namibian government - a standard arrangement, possibly) and, if we make wild assumptions about costs, taxes, mine life, shares in issue etc, the lower target might produce an NAV/share of 25 - 45c and the upper target 125c - 225c.

What the model suggests and what the JORCs will say will be two different things at a relatively early stage of drilling although I suspect that the lower target is more focussed on the area already drilled and sampled, whilst the higher target is the one that will be projecting potential at the open ends of the strike.

The initial JORC will probably be quite modest but drilling will continue to upgrade it. At the current price, it is difficult to see how an investor could fail to make a profit in terms of multiples