value, page-3

HI EOTLMW & Bentcopper
(Not Advice we are just amateurs and this is our view/speculation/or wish of the company)

With what I understand, MRP brought Nimbus Silver for acquiring a Process Plant for the Coolgardie Project. They then conducted an Independent Survey of the Nimbus Resource, and were surprised at the potential of this project at current Silver Prices.

My guess is that the Nimbus Processing Plant will stay where it is, as they already have Permits, Power, and huge silver reserves at hand.

There were rumours last year that the FML Processing Plant was an equitable option for some of the Processing.
Cannot see what would be stopping MRP from still following up on this option, in the short term.
If an agreement between FML and MRP could be struck, their Coolgardie Ore could be processed at the Three Mile Hill Plant... Not sure on distance but would guess between 8-10kms (+-)away.

In saying that, this is what our personal research has leaded us to speculate. Do your own research, as this is our view and not advice... we could be very wrong, due to our lack of experience.

With World Markets now speculating that Silver may exceed +$45/oz, but now trading at around $40/oz.
Our own view is the Nimbus Mill, at Kalgoorlie, will be busy producing Silver (AG) through the plant for some time, as per their report.
(See Link- http://www.macphersonsreward.com.au/downloads/media/mrp_m20110827.pdf)
CSA Global report estimates
Stockpiled/ROM Pad- AG 0.1-0.2 Million OZ (Production)
Tailings AG 0.3-1.1Million OZ (Production)
Oxide/primary Mineralisation- 2.5-4.7 Million oz (CSA)
End of info from CSA report....

From personal research, we are working on these figures:
Silver (Ag) @$40/oz (Based on the lower side of these estimates)

Stockpiled ore estimate potential value- $4 million (Based on 0.1 mill ounces @$40)
Tailings estimate potential value- $12 mill (Based on 0.3mill ounces @$40)
Primary Mineralisation estimate potential value- $100mill (Based on 2.5 mill ounces @$40)
Estimated Gross Value of extracted Ag - A$116 Million (Based on 2.9 mill ounces @$40)

Working only on Ag 2.9million oz (only 50% of the above figures) and on a Production Cost of $9.54/oz, which is 50% higher than quoted in the MRP Report.

Our speculation is that Net Silver Profits will be around $88,334,000 (AUD)
MRP has 124,510,381 shareholders
Net Silver Profits $88,334,000 (AUD)

Based on the above figures this should equate to an additional share value of $.709/share.

Conclusion:

DYOR!!!!

The project Share value of MRP, as we see it, should be $0.709.
Our value of $0.709 is not including value or costing from Coolgardie Gold project.

Furthermore, if Silver Prices did fall to around $20.00/oz this should still be a viable operation.

Would be interested in any other personal valuations that others have placed on MRP and the Coolgardie MRP Gold Projects.