value of edm tracking mc of pdi

For Burkina Faso Dave East gold project. PDI is now formally has the right to 60% while EDM retains 40%.

PDI's MC is at $22m (111m x 20c) currently.

Conservatively let's assume half of that value of PDI is attributed to Dave East prospect. ($11m for their 60%)

So 100% of Dave East project couls be valued at $18.3m ($11m/60x100).

EDM's 40% stake should valued at $7.3m or 0.4 cps.

I would assume that PDI's SP will go up once the underwritten right issue is completed and the drilling starts, probably closer to 30c, roughly 50% from the CR price.

This may mean that EDM may track the MC of PDI to the value of 0.6 cps by then.

PDI is expecting a maiden JORC in Q1 2011-2012 according to their presentation in Africa Downunder, that will give a more defined valuation of the Dave East prospect.

IMO, EDM is shaping up to be a good buy at 0.3c for a possible multibagger by next year thanks to the good management of PDI.

EDM may also be a T/O target on the cheap before the JORC.

I wonder why instos invested in PDI but ignore EDM?

DYOR