from nov 2005

Redbank Mines — and according to an independent valuation by SRK Consulting, it has a value of between $6.9 million and $21.2 million.

Because it is a related-party transaction, the deal was subject to scrutiny by Ernst & Young, which found that it would have a positive impact on the company's asset backing.

Ernst & Young reckons that that asset backing on a post-consolidation basis will be in the range of 20¢ to 46¢ a share. That's equivalent to 1¢ to 2.3¢ before consolidation, and compares with a last sale price for Burdekin of 1.1¢.

A side benefit of it all is that project cash flows from Redbank — it has an estimated copper resource of some 65,000 tonnes with exploration upside — will help fund some serious work at the group's Mount Kasi gold project in Fiji.

Mount Kasi at present stands as a 240,000-ounce resource but has plenty of exploration upside.
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So far the valuations are on Current Gold assets and Copper heap leaching.

So far there has been zero worth from the current drilling factored into the share price. Would someone want to have a stab at a guesstimate valuation on the current drill results?