when we come back, page-8

Colinchi,

Fair analysis but given they got 30-40 mill for central regions assets, the two zones in the north and south, which were more valued and much further down the development path, might fetch as much as 100 mill and WA another 20 or so or bundled together. 100-120 is achievable.

I'd put debt at around 40-50 mill, with the real possibility of being able to extinguish this debt and have 70 million in cash leftover with the gold & copper rights from MUX valued at about 50 mill. That equates to about 15c a share, which makes the discussion about admin a mute point. The bigger concern should be the timing of the IPO. They need to get it out well before May. All current deals and negotiations are to be finalised by April, so they may just make it.