"The share price will continue to slide without an asset...

"The share price will continue to slide without an asset secured. Even if an asset is secured, it will need to be top notch to justify the $23m value already built into the Company." what a load of rubbish...

yes i like your value driven investment approach, but if you think that the value of the resource is built into this asset, perhaps think again,

yes maybe on current information it should be valued around 3-4 million, but if the resource is a top notch asset (say over 200 million tonnes of coal) what then? in this case the company is completely undervalued.

The share price finds its risk reward balance. The risks are that the tenemant issues can not be resolved (unlikely) and the potential rewards are that the resource is massively bigger than the market anticipates. Now that market conditions have changed, the sp has to drop to reflect a new risk reward balance. However, in the longer term, these transient market conditions will fade and fundamental value will be revealed.