will we get down to $1.05?, page-8

I think there are enough good reasons to attract new buyers to support the share price at current levels.
- china didn't raise interest rates over the weekend
- the ASX is headed to breakout territory
- we are fully funded and we will make it to production
- we must be close to another update on the recent drilling

I cant see a strong case for selling when we are so close to production (Q1 2012). Of course the share price will react to any macro news as would other near producers but with the exception of global calamity DML should trend up.

When we do start producing we can start to discuss earnings... My quick calculations on earnings are:

EPS Calculation for 35000mt at different copper prices:
- 35000 x 2.50 - 1.28 - 30% tax = 30c
- 35000 x 3.00 - 1.28 - 30% tax = 43c
- 35000 x 3.50 - 1.28 - 30% tax = 55c
- 35000 x 4.00 - 1.28 - 30% tax = 67c

Share Price Valuation (conservatively using 8 x multiple):
- 30c EPS x 8 = 2.24
- 43c EPS x 8 = 3.41
- 55c EPS x 8 = 4.41
- 67c EPS x 8 = 5.40