still cheap Assumming all the 31-03-06 25c options are taken up...

still cheap Assumming all the 31-03-06 25c options are taken up LEF should have around $8.4mil cash after allowing for Mar qtr expenditures
That would gives us around 60mil shares, market cap of $18mil at 30c
So one could say the market is valuing it's resource at $9.6mil
Current Jorc inferred resource is 225000oz so that works out to $42/oz
Valuing the "potential" resouce of 1.3mil oz in a similar manner works out to $7.20/oz
DYOR