cheap as chips, page-11

Hi Ians

I have held shares in GIR and its associates for a long time. The directors are clever and competent. They keep building assets through good and bad times. They never spruik and have significant personal holdings

The collapse of financial markets and their subsequent dysfunctionality wrecked all earlier valuations
I believe that equity markets are stable although cautious
Base metals are mostly at 6-9 month highs and stocks are falling in general

Assumptions
1 the current copper price and LME stock levels continue

2 the global economy returns to modest net growth by Dec 2009
3 The corporate activity in Yerrington Nevada continues
4 PMH has some success with the Shamrock drilling and looks towards a feasibility study for mining their properties in Nevada
5 No major equity raising below 0.50

If these assumptions hold I estimate a price of 0.35 by 31.12.09 and $2.00 by 31.12.2010

Regards Waiken