update from dahlman rose & co

http://www.conticoal.com/_content/documents/557.pdf

Net profit of $23m from PEN and full production by year end. Start of production by Q3 2012.

So IMO, when PEN starts and can show profitability of $6m per quarter, we should be trading at least around 45c..
Why you ask? becuase the market is clearly not valuing Ferrier (nor it should)right now.
So basically, the entire valuation at the moment is based on Vlak+our proven coal resources+net cash (of something like that anyway).
$23m net profit is what market cap at say 6 to 8 PE?