jctl, I approach it another way, using the current market...

jctl,

I approach it another way, using the current market valuation of 8.2c and working backwards, came up with a more conservative figure for non TO and a TO situation.

Of course, if we do PE, then your model will be the way to go. But unfortunately ATM, the market price is 8.2c. But I think i'll accept 40c.

	Column 1
0	Currently before PE and SNE alone
1
2	15% of 640 mil (2C)=96 mil B
3	Recovery @ 17% currently
4	SP 8.2c
5
6	If Recovery is 40%
7	SP should be (40/17)*8.2
8	19.2c
9
10	If the reserve upgrade gets to CN's prediction of 1 Bil
11	Then we should be looking at a SP of (1000/640)*19.2
12	30.1c
13
14	This is just SNE alone.
15	We now have A2 A5 and possible DJ and the rest as in Kenya etc.
16	Just A2 and A5 is well worth a normal TO premium of 30%
17
18	So, PC, for being such a nice guy, 40c now before the rest of the world gets to hear it. You better hurry, cause if you don’t we might decide to take your 35% off you at 2.20/B and you’ll be worse off.
19
20	Oh, save cost and time, there is no need for due diligence, as you are already familiar with those figures.