The path forward, page-8

From Helmsec Report: Dec 2012 - Border was valued at 9c per share.

http://www.sabresources.com/_content/documents/Helmsec SBR Report 20121214.pdf

'We would value an anticipated copper orebody discovery of the abovementioned nature within 12 months at about AUD400/t Cu resource, resulting in a 12 month forward valuation of AUD80M or AUD 0.44ps. We believe that the actual delineation of a high grade JORC resource (+2%) of the anticipated size would more than double our current valuation. We have placed a nominal value of AUD50/t combined lead and zinc on the Border JORC resource valuing it around AUD16M or AUD0.09ps. Total valuation is AUD96M or AUD0.53ps.'