heemskirk deal should be killed, now!

Benmac, The Age article of June 6 about Heemskirk was a good find.

So let us look at the Stellar Heemskirk situation and the maths.

Following Stellars Rayne JV deal with MMG, Mr Peter Blight CEO of Stellar said that "Having a partner of the caliber of MMG will progress the Rayne prospect without drawing on Stellar's resources. This allows Stellar to remain focused on the development of its high grade Heemskirk Tin Project."

Stellar's Market Cap $19 million, Cash $3 million, which means Stellar's projects have a value of approximately $16 million. Like Peter Blight, The Age Newspaper article also refers to Heemskirk as being Stellar's leading project. Well, if Heemskirk is the leading project one would assume its value is no less than half $16 million so one could assume its value to be about $9 million.

Well blow me down; here we are again back at $9 million, in the same ball park as suggested by KapitalK and others!

Once again the Heemskirk $800,000 sale as proposed by Gandel appears to be a serious ten-fold Gippsland shareholder rip-off and BTW, a potential bonanza for the underwriter of the proposed Adobha IPO.

The odour of this deal is highly pungent however the odour of the independent (ho ho ho) valuing consultant can only be described as putrid.

It is now time the BoD came clean and announced that the Heemskirk sale is dead!