is a friendly t/over @ $1.40/share possible?, page-24

Ivortower,

I accept your comment as valid. Indophil had cash of approximateley $97m as at 30 June 2008.

It now has cash of about $60m, a substantial portion of the cash having been used to finance the pre-feasibility study.

I may have double counted by adding back costs of pre-feasibility study.

However Robworld is also correct when he says with pre-feasibility completed (and another year transpired) the mining project is much closer to commencement. It is also that much more certain having passed the pre-feasibility stage.

Accordingly any discount applied to projected cashflows in valuing the operation would be less now than 12 months ago.

The more certain and proximate a project becomes, the more valuable it becomes.