Measured figures can only be presented as such, after extensive close-space drilling and trench exposures. Indicated resources are still fairly specific, as they come from calculations within 25 metres of a drill hole and are supported by a minimum of two drill holes.
Any doubts, go to page 10 of Portman Mining annual report released via ASX on 22/2/05. They had 9 mt of measured resources and Cleveland Cliffs are buying them out for $700 million.
On the issue of PE of 5. All (or most)industrial companies and mining companies have gearing.
Remember Westfarmers borrowing $600 million to pay their shareholders a special dividend of $2.50. Western Mining just borrowed to pay a dividend to improve (increase) their debt to equity ratio.
WMR and other public companies say debt to equity ration should be about 40%.
Factor MGX very lazy balance sheet into calculations when you consider forward PE's. MGX have about $25 million cash.
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Open | High | Low | Value | Volume |
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Price($) | Vol. | No. |
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37.0¢ | 25000 | 1 |
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12 | 251765 | 0.360 |
5 | 151500 | 0.355 |
7 | 172123 | 0.350 |
3 | 65799 | 0.345 |
Price($) | Vol. | No. |
---|---|---|
0.370 | 25000 | 1 |
0.375 | 101000 | 4 |
0.380 | 148000 | 6 |
0.385 | 53888 | 2 |
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