onwards and upwards, page-3

Hi there Trees, last year BGF Securities compared the sale of Norton Golds Sienna and Elektra tenements for $30m to Boardwalk Enterprises pty ltd - a subsidiary of Nathan Tinkler to our 107mt Jorc resource on EPC 1827. the NGF sale was for 60mt equal to 50cpt. this would give a rough valuation of $50m for our EPC1827 alone for our 100mt or 10cps! Then you have to add in the value of the Rio deal and some exploration upside from Churchyard and Dingo,so your wish for 7-9cps does not look to be too outrageous.