enter the dragon......, page-2

Quick update,

CHN entered a trading halt pending a capital raising likely to enable payment for DRA's 20% of Zara and plus payment for any resource upgrade. See

http://asx.com.au/asxpdf/20100520/pdf/31qfbz9n0wbj4f.pdf

This amounts to ~$13M in cash and shares to DRA, using the previous posts figures, the EV at current DRA sp assuming now also the CHN payments is ~A$42M. This also assumes DRA's cash balance will not increase at record gold prices this qtr.....

On top of this DRA will also recieve $3.4M on completion of the BFS latter this year.

Conservatively DRA is now trading with an EV under A$40M with debt covered and less than US$40/oz on reserves and resources basis.

DRA is being priced as an exploration stock or a gold producer discounted for failure.

Wont happen overnight but something has to give here.