is this the most undervalued stock on the asx

I have just finished researching and buying my fill of URL - In all honesty I just cant understand the low price and will be topping up every time some spare $$ come my way

291 mill shares on issue with a 9.6c sp so a market cap of only $27mill or so

they have $8 mill in the bank (according to lastest qtl) and therefore have a cash backing of 3c or so per share

lots of projects on the go with the copper (deal with xstrata) and the prospective U tenaments, etc etc (read the qtlies) with further results and details of production potential to come

how is this only 9.6cps???????

I see this as one of the few resource stocks left where you can get in before the market starts to price it according to fundamentals instead of sentiment (which was crushed some months ago)

anyway - I'll stick them away feeling that there is little downside but a great deal of upside potential.