drilling restarts at mt clement gold project, page-15

Remember previous valuations and rights issues , this report dated 9th sept 2009

A ?base case? valuation comes out at 18c cents per share.
We rate Artemis Resources Limited a Speculative Buy.
ARV's Assets (A$m) (A$m) (A$m) Comments:
Bear Case Base Case Bull Case
Cash 5.6 5.6 5.6
AON Shares 1.2 1.2 1.2 5m shares at 24c
AON Management Contract 2 2 2 Estimate
Inferred Gold 0.75 1.5 2.3 70k oz at $10,$20,$30 'in the ground price'
Mt Clement (80%) 3 6 ? Drilling imminent - value more likely to extracted soon
Mundong Well 3 6 ? High grade but remote
Bamboo Creek 2 4 ? Could have value to MOL
Niger (49%) 1 2 ? Recent Paladin raising highlights value in Uranium
Yandal 0.5 1 ? Lower value as drilling focus is on Mt Clement
Ashburton Projects 0 0 ? No value yet as company is in due dilligence phase
Equity Value 19.05 29.3
Current Shares 166.7 166.7 166.7 Doesn't include 57.4m options as they are at the money
Value per Share $ 0.11 $ 0.18 > 25c

Values still valid considering current gold and REE prices in my opinion, wish i had more shares in this stock