Ann: CHANGE OF DIRECTOR'S INTEREST NOTICE, page-11

just done some quick and dirty valuations for AIS based on ARE.

EV of ARE is $40m less $5m Cash = $35m for 30% of Torrens (Assuming everything else ARE has is valued at ZERO).

AIS 70% of Torrens based on ARE' s valuation, should be $81m.

However their M/cap is $140m.
Less $81m (Torrens)
Less $23m (cash)
Leaves $36m for remaining amount of AIS (producing mine)

You could say that Torrens is up there at $81m + $36m = $117m, but you can be forgiven for this lofty valuation because it is a once in a lifetime target that is already defined and just needs a drilling program to prove its worth, and some...

Price of copper is a bit of a worry for the operating mines at AIS, but its still in the black so it contributes to the cash build.

HB