will go lower yet..., page-7

re: nt re haywoods data Whitelight have received a copy of report from a kind person in adobe acrobat form.

Do not have the capacity to copy and paste as such.

Also might be breaching copyright laws if I did so.

Some of the pertinent points were posted previously so you might check past items on Anvil.

They do say in the report dated 5th May.---

"---- at current prices (copper) our NAV is $12.00 per share."
(Canadian dollars per Canadian share which is ten of one Australian share."

"This assumes 12% discount for Dikulushi and Kulumaziba and 15% discount for remainding projects."

Their $7.00 valuation was based on "long term metal prices of US$1.00 per pound for copper."


They predict earnings of 11 cents Canadian per share this year and 49 cents Canadian per share in 06.

Their recommendation on a current price of $4.50 is of the highest level ---- "Sector outperform (speculative)" with a target price of $7.00.
They can make no stronger recommendation!

Refering back to Flats concern about the overburden problem not being well presented to shareholders by management, I would agree.
Have posted several times past that my belief is that management needed to get a strong profit stream from Dikulushi early in the piece so as to be able to finance exploration, Kulumaziba, etc.
Present market reaction tuned to low quarter earning proves their point.
However expediency to push early earnings was paid for by the eventual catch up of the need to remove overburden.
Now management could hardly explain this process to the market without unfortunate ramifications.
Hence the sudden disclosure, the lengthy removal process and lack of transparency.
That's my guess anyhow!

Cheers,

NT