investor presentation, page-8

Thanks for that, Grim. That is most interesting. That gives the iron ore project an in-ground value of between $200-500 million.

Wouldn't that be nice. Let's see if they actually get that.

As a comparison, let's say that MUM find the equivalent of another Curara Well (through extensions to the current Curara Well plus satellite deposits), which total about 400,000 oz gold. The most optimistic in-ground valuation for gold is $20 per oz. Therefore, a new Curara Well will have an in-ground value of only $8 million.

Even if you give an oz of gold the full $900 (the current cold price), this mean that a new Curara Well will only have put $360 million of gold through the mill (minus the huge costs of course).

Therefore, if you use the value of the iron ore apparently stated in the MUM presentation, it would mean that MUM as an iron ore explorer would be expected to have a share price of $2.00 ($200 million / 100 million shares).

If MUM is a gold only explorer/producer, the share price would be expected to remain around 8 cents($8 million / 100 million shares).

Hmm, perhaps from an investor's point of view it would be better to farm out the gold?