Good Evening Viewers.This is NOT a complaint! As one of the...

Good Evening Viewers.

This is NOT a complaint!
As one of the longest holders of CFE shares, I simply state the following...

So, Today I have had a good look at the report from Lodge Partners.

Dissapointed would be my one word summary!

Dissapointed that after all the EXTRA work and achievements that the CFE crew have made, the following exists...
(Well, here are the first two anyway!)

SAPPES gold mine now gets a low value of $46M.
...Think back to how much gold was per oz when we first acquired Sappes? (Copperco).
(The answer is $910 usd/oz - 8th May 2009).

Consider how CFE are "Adding Value" by keeping the project moving towards completion - and finally, consider how Greece is now a far safer proposition having "Bottomed".

We were led to believe Sappes would be worth around 70 Million later THIS YEAR because... "Cape Lambert plan to add value to Sappes by completing the bulk of the project permitting, followed by divestment".

Surely this now gives us a Lo/Hi figure of $60M & $70M.


Now onto Marampa. At what point can the endless to-ing and fro-ing over the pricing cease?
Put simply, is it really worth $500 Million?
Obviously it's worth what someone is willing to pay for it.
Exactly where they get a figure of $50 M from bewilders me!
IF its got NOTHING, then don't suggest $50 M. (Thats my point).

To quote from the CFE web site...
The Marampa Project comprises a 305km2... & contains the former DELCO open cut mining operation, which commenced operations in 1933 and exported iron ore concentrates until mine closure in 1975.
UMMM??? I think we have Iron Ore folks!
The calculation could be written as...
Tonnes of Iron Ore (say 1 Billion).
Price of Iron Ore quoted as (USc/dmtu)
(By the way, dmtu means - Dry Metric Tonne Unit)
To equal a succesful sale price of $400 Million.

I have said it before and will do so again.

If we, CFE, only had one project on the go,
as in the early days, I am sure things would be different.

For example, consider our new 80% owned Mayoko project.
(Formerly owned by DMC).
Given time we should be able to confirm an exploration target of around 1.3 Billion Tonnes.
Sounds very similar to Cape lambert (North) project now doesn't it?
At the time of the sneaky Russian takeover, CFE were sitting pretty at 92 cents per share and the suggestion was around $1.20 for the takeover.
(Well, back in those days we weren't cheap but we could be bought!).

One project = 92 cps.
Many projects = 35 cps.

now, regarding the price, I would suggest...

A low price of $1.00 per share.
A High price of $2.00 per share.

So, $1.50 per share looks fair and accurate to me currently.


SO WHAT SHOULD CFE DO TO ADD VALUE TO THE SHARE PRICE ???

My answer, having had nearly two years to think about it..

CFE need to retain certain assets and follow them through
all the way to becoming a miner / producer.
It's too late with Lady Annie. But its obviously not too late
with Sappes, Corvette (given time) etc.
CFE should /could be so much bigger than simply Tony Sage supported brilliantly by a small cluster.

Remember the best golden opportunities,(Copperco),only come in the really tough times!

Well may the board of CFE say we are not miners.
However, please remember that miners generally pay consistent dividends.
Miners are better understood by the market and its analysts.
Publicly listed companies that are understood will have a more accurate share price.
(The share price will reflect the true value).

It's time CFE directors to expand the borders of the tent.
It's time to increase the vision.
It's time to dream BIG!

Thanks for Your Time.

PJN