worth more than 4 times current share price?

Is QMN worth 4 times its current share price? In my opinion QMN is worth MORE than 4 times its current share price for the following reasons:

1.QMN market cap = $21 million (based on a share price of 5.4 cents)

2.QMN?s current JORC = 269,000 tonnes contained copper; 338,000 tonnes on a copper equivalent basis

3.Targeting 500,000 tonnes of contained copper

4.Currently drilling at Duck Creek with a second drilling program to be announced this month

5.QMN?s current JORC of 269,000 tonnes copper

269,000 x $8,000 per tonne = $2,152,000,000

In ground value at 10% = $215 million (ten times
current market cap)

In ground value at 15% = $322.8 million (15 times
current market cap)

6.Contained ore: 36.4 Mt @ 0.7% Cu, 0.03% Co, 0.17g/t Au

7.Third party treatment of ore ? page 20 of the QMN presentation announced to the market on 4 July states:
?Resource delineation and met test work to inform negotiations for third party for treatment of copper ore; similar scenario and pricing to Exco arrangements ? receiving A$19-$20/tonne ore delivered?

36.4Mt x $20 per tonne = $728 million

This means potential revenue of $72.8 million per
year for the next ten years

As always, do your own research.

Good luck punters