Missing in Action, page-19

I haven't followed NWF and there is nothing saying that it couldn't be over priced. I looked at Gem Diamond's value on the London Stock Exchange. Gem operates the Letšeng diamond mine in Lesotho and the Ghaghoo diamond mine in Botswana and a diamond marketing arm in Belgium from which they generate their revenue. I'll look at it again more closely this week and post my notes and thoughts but when I looked at it about 2 weeks ago either Gem was grossly undervalued or LOM was overvalued at 50cents which ever way I tried to cut it. It could have been a bit of each. Without looking at NWF and if what you said about the stage they are at is correct, $170 million doesn't sound like a very believable valuation to me.

Eshmun