the re rating has only just started, page-16

Hi Cougzen, thanks for the compliment...and no inside info.

- If this T/O happens, and I'm still hoping for around $1.50, I might actually invest my money into ZFX!

- VALUE, in that they have dropped off a 12mth high of $21.60, sitting near $12 atm; and

- LOVE the divi of $1.40, but would need to stay high!

COMMSEC STRATEGY ANALYSIS
The sale of smelting assets in 2007 sees a pure mining focus. The
strategy is to include zinc, copper, lead, silver and gold as core
metals. Niche metals and nickel will be considered for investment.
The company seeks high margin, long life mines, though not capital
intensive bulk materials like coal and iron ore. The exploration team
has been rebuilt in the last few years. Initial attention is in and around
existing mines for extensions and repetitions. More recently ZFX has
moved its exploration effort overseas into Canada, Sweden, Mexico,
Tunisia and China.
ZFX is undervalued according to the Aspect Value Model
(Last Updated: 13/12/07)