Let's take another look, given the time frame to construction...

Let's take another look, given the time frame to construction and commissioning has shrunk:

175M shares on issue

8 years of production

potential for 20+ year mine life [via exploration]

Main plant expected to be commissioned within 12 months
of construction commencement

Current resource assessment and market demand provides basis for production of averaging 750ktpa

EBITDA of US$26m per annum

CAPEX to date US$16.1 million

Base case CAPEX $54.1m

Needs US$43M

Just received debt facility of $US30M

Plus raising US$15M maybe at US$0.15 per share is another 120M shares

Total shares = 300M

D=US$3 I=$3 T=30%

From US$26 EBITDA, @ 85 cents exchange, NPAT = AUS$16.5M pa, EPS = 5.5 cents

Share price target at full production = 55 cents

Could be producing in first quarter 2011 calender year

Therefore potential 4 bagger over 1.5 to 2 years

If cost blow out then need to raise another $12M or another 50M shares @ 25 cents

EPS falls to 4.7 cents

Remove the bank interest and EPS rises to 5.4 to 6.3 cents