The Independent Valuation of Monty seems to value the project at...

The Independent Valuation of Monty seems to value the project at both A$32.2 million and $45.4 million. Can anyone suggest why there are two values provided??


From page 14 and 15 of the valuation.
http://hotcopper.com.au/announcements.asp?id=475325

"In a similar manner to the Australian Projects we have applied a range of discounts to the Inferred Resources at the Montenegro Project. The preferred current cash
value for Montenegro is A$32.2 million from within the range of $25.7 million to $38.6 million.

Table 4 lists the valuation estimates for the Projects. The concluded current cash valuation being a preferred value of $45.4 million from within the range of $34.4 million to $59.6 million for a 100% interest.

VALUATION CONCLUSION
The current cash value ranges, as at 8TH June, 2012 for the Montenegro project are summarised in Table 4 above and the preferred value is $32.2 million from within the
range of $25.7 million to $38.6 million for a 100% interest."