cheap as chips, page-2

JRL has

10 m shares in EME = $22.2m
5 m shares in EMEO = $9.25m
30 June cash in bak = $2.8m

total __________
$34.25m

JRL's market cap is .75c x 29.8m shares = $22.35.

This means that JRL is selling at a 50% reduction to its cash and equity holding - - crazy.


Then of course there is value in JRL's mining interests - some are free-carried even.

I think Lindsay Duffield should get angry and announce a buy back. (Please don't read this, nor comment on it, Old man river!)


Cheers Anne