too low & already out of date

Highly encouraging and for me a huge buy signal as the way I read it - and know you`ll correct me if I`m wrong - this valuation is already too low and out of date.

The median benchmark for the in ground Inferred Magnetite = 48 cents per tonne- enough in itself but the valuation then splits as follows:

Median value for HAW`s 40% of maiden magnetite resource declared
on 21st June 2011 $37.64m

Median value for HAW`s 40% of Western
BIF exploration target
(reduced by 60% for uncertainty) $30.98m

Median Value for HAW`s 40% of remaining
Mt.Bevan exploration ground
(take this to include Massive and Layered
Haematite and Mt.Alexander) $0.906m


The 60% reduction in the value of the Western BIF exploration target was based upon two factors already out of date:

A report to SRK by LCY that $1m was being allocated to this exploration which was deemed by SRK perhaps insufficient to complete the JORC.

An uncertainty of the continuity of mineralisation as at the time of the valuation.

Note that HAW dated this valuation at the 15th of August 2011 and that since then LCY announced on the 9th of September strong and thick continuity of mineralisation and that 'This drilling should complete coverage of the Western BIF target over the whole 11km of strike`.

In other words, the ground will be fully JORC`d and there is now a high likelihood of the target resource being achieved in full.


So let`s fast-forward and update the valuation for November 2011- less than two months away- when this next-phase JORC is scheduled to be reported:

Median value for HAW`s 40% of maiden resource $37.64m
Median value of HAW`s 40% of completed
2nd phase JORC (restored to 100%) $46.47m

Value for HAW`s 40% of remaining
exploration ground $0.906m


Total $85.016

or value to HAW 4.76 cents per share

Now let`s look at this $906,000 for the remaining exploration ground.Since SRK seem to restrict to magnetite in respect of the Western BIF (and no values were given for haematite though note Snowden`s $1.15 for adjoining Mt.Mason) take this to include 40% of the massive haematite continuation from Mt.Mason (currently the subject of a JMS scoping study) and 40% of the from and near-surface layered haematite and haematite/geothite which are DSO and run up to 1.5 km in length as well as 40% of Mt.Alexander and the continuous magnetite signature all the way down to the Western BIF . All this proves is that as have stated again and again-without a JORC there is no value but $906,000-you`ve got to be joking.

And the stock went down- as last posted fact is stranger than fiction!