rough figures for a takeover

I've come up with some Very rough figures. This is a very simplistic presentation. See what you think?

All Numbers approx only. Taken from last quarterly.
(Or I made them up)
357 million shares (includes oppies).

CCP valued at $175m by Xstrata................. $175M

White Dam earnings $5million/ Month. Page 15
Remember just produced $24m for the 1/4.
Conservative 18 months @ $5m ...................$90M

Cash in bank....................................$36m

Royalty deal with Copperchem.Page 3
Over 4 years.......$30m
Hazel Creek
From Page 4
"particularly Hazel Creek,
where there is good potential
for further discoveries of a
scale that may exceed the value
created to date through the Company?s
development of the Cloncurry Copper Project"

(Very)Conservative Value as is Say....$30m

Other Key Targets over a 2400km2 Tenement Package.

Page 4
Including:

Pumpkin Gully
Salesbury
Fisher Creek
Tanbah Say......$25m

Joint Venture with Ivanhoe 80% Exco 20% Say.......$1m

Est Total....$387m

Now Consider this Ivanhoe has 79m shares(page 15)in Exco.
Lets say their avg cost/share is 40cents.
79m x .40 = $31.6m spent.
worth today 79m x .625 = $49.375m ($17.775m profit)
Now 357m shares - 79m shares = 278m shares remaining.

So 278m shares x $1 = $278m
$278m + $31.6(paid already) = $309.6m

So for Ivanhoe to Bid $1/share it would only cost $309.6m in Total.
They have already paid $31.6m(outlay)on their 79m shares.
So for an extra $278m they take the whole Company. Then they could sell CCP to Xstrata for $175m. This leaves them with a cost of $103mill to take the rest of the Company.

Seems cheap. What have i got wrong?????????

Remember all figures taken from the last quarterly or I have made them up. I am prepared for you to disagree with any of my figures and encourage feedback on my numbers.
$1 would be nice.

Hermie........Fire Away.