A Question for the Geo?s (including BWJ if you are not a...

A Question for the Geo?s (including BWJ if you are not a Geo).

Looking at the value of the assets, in particular the northern tenements, I assume the northern tenements would be worth more than $10m? (I understand they plan to re drill/test these tenements). However, as it stands today I have always believed (rightfully or wrongly) the northern tenements is where the real value existed (based on the assumption the supergene never existed).

If so, then looking at AAM from a pure asset valuation model AAM could be cheap. Approx 200m shares at 4c is $10m.
Something that is interesting in the accounts if you read the wording of note 5. Normally when a creditor takes security over the relevant assets it generally states ?security is given over all of the assets? with no further elaboration. It seems from the wording it may be only be security over the southern tenements and Plant? Even if not, if we sold the plant and scraped the southern tenements today it should cover the creditors.

Reasoning being, if we just assume all AAM has is the northern tenements and no debt and no Watpac, I have always believed the northern tenements by themself would have a value well in excess of $10m if we were to simply treat those tenements at a nearby larger plant with the capacity to treat high volume lower grade ore?
I am interested in the Geo?s opinion on the value of the northern tenements

(Trust me I understand there are many who bought in the 20?s and 30?s etc based supergene of the southern tenements etc. However, if we could just keep this thread to a valuation of the northern tenements it would be appreciated and please knock yourself out about management abilities or lack thereof in the other threads that would be greatly appreciated).
Thanks