Extract from Quarterly Report (latest)2.1.2 ROSEBY PROJECT...

Extract from Quarterly Report (latest)

2.1.2 ROSEBY PROJECT RESOURCES (as at January 2006)
Combined oxide and sulphide resources at Roseby (all categories), including the Ivy Ann
deposit at nearby Cameron River, total 126.9 million tonnes at 0.73% copper and 0.06 gpt
gold containing 931,000 tonnes of copper and 256,000 ounces of gold.

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Assuming :
Long Term copper price of $1.50
$US / $AUD Exchange rate of $0.75
Moderate recovery costs
Based on 261.3m Shares
(I do not know how many options are available)

At 10% (assessed value) of the the total gross value.

I get $1.56 per share.
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Please DYOR, this is the figure that I get. Read the quaterly report. Figure could change if the shares I have not accounted for.