Ann: Exploration Update - Victorian Gold Projects, page-6

I like the bit about Tandarra most likely being part of structure which includes the 4 Eagles prospect, according to Mr Geoff McDermott.  Enter Hancock Prospecting into the bigger play!!!!.  What I find difficult to work out is this.  CYL has a market cap of say $130m. There are no resources published on their projects of which they only hold approx. 50%.  Navarre has 100% of Irvine and 49% Tandarra and has a market cap of $22m.  Something is not right.  I strongly believe NML is severely undervalued.  But I am extremely happy the JV partners are taking the project forward without a written agreement, this can only add value and hopefully be reflected in the share price in the not to distant future, or am I missing something as well.