Hi cdchi1Every point that you have made is correct - we used...

Hi cdchi1

Every point that you have made is correct - we used total CAPEX - $42m first year capital, $75m total CAPEX.

Our modus operandi is to use the worst case scenario ie all CAPEX will come from shareholders. At the time of the review there were 50m options (34m listed and 16m unlisted) so another 150m to cover additional funding seemed reasonable.

We look for those shares that will (should) go one or more times in the next 12 months and usually work on listing 10 candidates that are ranked 1 -10 with the most times at No 1. In Jun 11, CRC was 3.8 times.

To achieve a one time ie CRC 12c to 24c, in 12 months is a great outcome and anything over that benchmark is a big bonus.

As stated 45c is a conservative estimate and I would not counter argue those who see a dollar or more but if your expecations are low then so are your disappointments.

Cheers

R1