Has anyone read page 16 of this presentation (see link below) or...

Has anyone read page 16 of this presentation (see link below) or for that matter any of this presentation?

http://imagesignal.comsec.com.au/asxdata/20060405/pdf/00604039.pdf

I can't believe this is trading where it is..

URL current mkt cap $38m (sp = 15c)

NPV of project based on current copper price between $0.8b - $1billion!

BFS due out end of July 06

Xstrada own 11.5% of URL @ 22c/share with an option to buy 51% of the project at valuation ie when the BFS is out!

Only downside I see if bringing project in on time (as I believe there have been some delays to date) and the relatively low grade ie lots of dirt to move. However, the process they're intending to use is simple and they are so close to existing infrastructure and work force.. plus in bed with a major!

Lets assume for a moment that they come out with an NPV of around $500m. Typically atm a company post BFS should correct to a price so that its mkt cap is around 30% of its NPV ie $150m. This equates to a sp of 60c! Am I missing something here?

FYI I hold shares - but do your own research