I agree.We have doubled our proven resource which includes a...

I agree.

We have doubled our proven resource which includes a mine permit, obtained debt finance on terms which are not dilutionary (except for another 17m options which in the scheme of things is insignificant),yet the market cap increased by only $45m assuming 450m shares on a fully diluted basis.

When you compare this to proposed upcoming IPO for Maules Creek in Gunnedah which has similar characteristics and economics and is valued beweten $1.7b - $3b, (these numbers have been reported in the media based on a JORC of approx 600mt and annual production of 10mt - google Aston Resources for more info), it doesnt make sense and further emphasises the enormous upside potential for CPL.

The master stroke in this whole transaction is undoubtedly the mine permit. If this can be transferred to CPL and production acn be fast tracked by 2012 then the gravy train will be pulling in a lot earlier.

This takes enormous risk out of the project and brings the NPV of the project into the very bullish world of short term thermal coal prices. So in essence this mine permit will mitigate the mine approvals process, allow the project to be valued using near term coal prices and most importantly start generating cash much earlier.

Unless I'm missing something this has just got to fly.