And additionally Ajax,You wrote"There could be at least 80,000...

And additionally Ajax,

You wrote

"There could be at least 80,000 tonnes of 2.5 - 3% ore there which they can truck down the road and start making money."

That equals between US$14mn and US$ 16.8mn at the current copper price.

Then using the extremely scientific approach of cutting it in half to cover toll treatment, transport, admin and to be extremely conservative we are looking at US$7mn - US$8.4mn in clear cashflow, if we weren't going drilling for the IOCG mother lode with the proceeds it would be called profit and you could slap a PE ratio on it.

PE 5 - mkt cap AU$35mn
PE 10 -mkt cap AU$70mn

Now if the grades are higher than 2.5% - 3$% which they will be from some areas then the profits can only be higher. Plus what chance we will find further metres holding one ounce per tonne Au and so we have to consider the suprisingly high levels of Au, AG, FE and Mo to be a bonus and as such I have not included them in the simple calculation, above.

EV after drilling is complete and minus cash on balance sheet. at 2c per share, is less then AU$4mn.

EB