value, page-4

2.5m ounces at $39/oz
$97.5m = Revenue
$30m Total Cost ($12/oz)
$67.5m - tax = $47.25m net profit
$47.25m / 170m shares (higher number allowing for dilution) = 28cps

Multiplied by the 5 year mine plan and you have $1.40

Doesn't provide value for:
- Potential to extend reserve and minelife
- Current resource over and above reserve
- Further exploration potential
- Potential for lower total costs via lead credites
- Further rise in Silver price above AUD$39

Personally I would put CCUs value at around $1.80-2 presently, but expect that will be much higher by the end of the bull market in Silver.