wah nam's own independent valuatiion

Back in October the Sham released a Supplementary statement that included their own "independent expert valuation". What made that valuation a little crude in the context of BRM is that it was for the Marillana project alone... not BRM.

At the time I assessed the valuation in the context of BRM.

My question to the "Independent Directors" is simple...

Who's wrong? - The independent expert or them?

Independent Expert $4.47 - $6.87

Independent Directors $1.50 + toilet paper

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Some notes on the last valuation

- it was completed back in early August when the $Au was $US1.06 - so you can add a 5% premium to valuation straight away

- the valuation does not take account of the circa $55M in cash that BRM had at the time - so you can add another 40c/share for that

- the valuation DID NOT include any value to any of the other 39 tenements (including the new coal ones) or the other Fe projects including:

- Duck Creek (50MT resource estimate of DSO)
- West Hamersley
- Mt Stuart
- Opthlamia
- Mt Florance

So you can add what you like here, but they would have to be worth at least 40c/share or more.

So if the valuation is of the range $515-$843M

= $540M - $885M (on the fall of the $Au)

+ 55M in cash at the time

+ $50M (at least) for other tenements (IOH just sold 50MT to MRL for $42M)

= $645M - $990M

or = $4.47 - $6.87