how does it add up, page-5

Rapier,

A couple of things:

You havent valued the flow rights to invest into ANY renewable project REH identify in EUROPE. This gives company direct access to Renewable projects providing an income and potential for capital growth - especially if the price of carbon increases over time (which it will need to). Difficult to value I know but potentially lucrative over time considering the demand for windfarms, landfill gas etc etc in Europe.

Also in regards to CETO, although REH are the predominant owners of the technology now - CNM have the rights to invest / partner in ANY projects utilising the technology moving forward and are still the main drivers behind the development of marketing of CETO at present. Once again with a carbon trading scheme to be established here in Oz also the potential to sell the credits is enormous not to mention the actual electricity and / or FRESH water.

Hence, I think your valuation on these items is a good guide to the missing 33m and potentially a lot more soon.

Throw in the fact that Gambia / Senegal (especially Senegal) has potential for a large resource base I think current valuation is more than underpinned.

I hold stock and have purchased more today at 20cents as I believe that there is plenty of further upside leading up to this years federal election. I am sure CNM will have a series of announcements pending over the coming months in the lead up to this event.

Good luck if a holder - if not good luck anyway.

Cheers