something is starting to smell here, page-20

Ya Ya

I've previouly posted valuations on GDM both on here on "other forums", so won't repost them in full on here, but...

But work out the market cap @ 166m x $0.46 = $76m

Now lets work out the EV value.

Subtract - Cash on hand (30/6/07 = $7.5m*)

Less - Exploration & Admin costs of say $1.5m = $6m

Value of Listed Investments:

UNX - 33m x $1.185 = $39m

CNI - (14m x $C1.46 /1.15) = $18m
(+ Cash approx $C17m/$1.15) = $14m*

So $6m + $39 = $18m + $14m = $77m!!!!!!

* CNI cash not incl in Cash figure

This doesn't include ANY of GDM's projects, ie Cairns Hill, Mt Woods, Lonmin JV's, 1% NSR over AGS permit...

CNI figures off the TSX website & FX rates off Findata.

Which ever way you want to look at it, GDM is cheap & vastly undervalued & whoever said its value is 2 - 3 times its current value, isnt too far off the mark IMO.

I hold & no surprise i'm buying...