I'm sorry all but I'm new to this company, just grabbed some...

I'm sorry all but I'm new to this company, just grabbed some today.

I find it hard to follows some of the rational on this thread and am looking forward to being enlighted.

The way I see it is:

1. 31/12/12 the company held $56+ mill in cash (and as far as I know there's an old saying cash is king)

2. due to terminating the contract the spend for this quater will be significantly less than that reported in the Q announcement.

3. The company has production to the tune of $ 1 mill a quarter almost enough to cover admin and running costs.

4. The MC is at $ 53 mill below cash held.

5 This would mean that the market presently gives a value to the producing tenaments, the 1.4 million (Laurel) acres of Canning basin exploration permits, the 2.7 million net acres of the Gold weyer, The cannavor basin, and the small equity holding of $1.3 mill in EXR. At about

ZERO !!!!!!!!

There are a multitude of companies with far more shares on issue than this company, far less exposure to potential upside, and no income with larger MC's.

To me this all points to a BUY, at these levels.(but I might be wrong, have been before) but this looks like a no brainer.

All IMHO.