oversold!

Fundementals haven't changed - if anything we're drawing closer to the closure of the deal that will put us into production.

A toxic combination of day traders, poor market conditions and new shareholders with a general lack of confidence in the share have sold out and as a result our SP is struggling.

So what is an appropriate valuation for QMC? Well simply take the in ground value of the resources at our leases multiply this by a risk factor which considers the probability of moving into production & the related costs.

We have bloody tonnes of copper, gold cobalt etc. so at 11.5c per share our risk factor is simply too high - especially considering the fact that we're in advanced stages of JV negotiations with our neighbours, we're located close to infrastructure and just a couple of months ago we had successful capital raising at 15c and a share based payment of 12.5c.

In the coming weeks I expect the market will receive a significant announcement regarding a JV - in line with Howard's commentary indicating it's likely in the first quarter of 2011. We'll also be receiving results of drilling at other leases which are pending and JORC announcements should follow.

This is a no-brainer.