what is the story

I follow platsearsch as a genuine explorer but fail to understand why the price is so low! They have a shareholding in wpg of some 6,300,000 million shares and 5,000,000 million options with strike prices of 25 and 35 cents. These at todays wpg price are worth on paper some $4,500,000 million. They have cash of some $1,700,000 of which Minator still have to pay some $700,000. Total cash and shares about $6,400,000. There are 80,000,000 shares on issue. ie. about 8cps. There exploration portfolio and activity plus the quality of the guys involved makes me think they should be trading at a multiple of there current price. Any thoughts?????