let's be very clear where we are at

Market cap is now under $100 million and falling as price drops and the buyback continues...

What is the company worth???

Current Cash - approx $30 million

Mcc Owing - $100 million estimated (one would assume a settlement is nearing and if we were conservative for $50 million?? Nett value - $50 million

Mayoko Royalty - Exxaro going hell for leather to get production underway in 2013 - 10 mill per annum in next couple of years. Mining approval is what we need to sell - (expected in August) Minuimim value is $50 million and i think Blackrock is attaining shareholder approval to increase it's exposure to royalties (simialir to the Lon mining deal. Min Value - $50 million

Marampa - who knows but all boxes are being ticked - enviro approval, london mining and africna minerals increasing production, infrastructure deal, updating study... Min value ahs to be $250 million. SOOO different to SDL, etc due to the ease of getting this up and running - still cost a couple of Billion but it is in a proven area. Chinese doing due diligence - they are keen investors looking at this seriously. only a matter of time.
Min Value - $250 million

Other shareholdings/converstable notes - various but min value is surely about $30 million

SO - Over $400 million in assets that COULD be SOLD/liquidated in next few months - Even if we lost the ATO court case completely we owe a further $70 mill approx. That means we are valued at approx 40c per share.

If we settled for a lower amount or won the case - we are talking 50-60c per share.

at 13c i believe this is well worth a punt as this could triple with a marampa sale.