Ann: MAIDEN RESERVE - CATHO WELL CHANNEL IRON DEP, page-2

re: Ann: MAIDEN RESERVE - CATHO WELL CHANNEL ... This announcement should form the cornerstone value for CUL shareholders. A 21mt (30% of 70mt) iron ore RESERVE (not resource) in a large operation penned for production in the next few years. Not many small cap resource stocks can say the will be producing in the next few years.

I haven't done the maths, but the margin is big per tonne. Based on this i think the SP is very undervalued. This doesn't even include the other projects CUL has.

cheers.