new valuation of .85

Independant Valuation of CRK announcement today....

AEGIS REPORT....
We have updated our valuation on the latest resources position at Carrick Vale and the potential for further
additions. As a result of the drilling program conducted in the June quarter, the company increased the total
resource at Carrick vale 50% to 1.67Moz contained gold. This includes 15koz in the Measured category, 270koz
Indicated and 1.39Moz Inferred. The company is currently carrying out deep diamond drilling that is intended to
upgrade a significant proportion of the Inferred resource to Indicated.
In early August, the company made a private placement of 2.0M shares, with an attaching option, at $0.50 per
share, raising $1.0M to fund on going exploration activities.
Implications
We have increased our valuation 33% from $41M to $54M which equates to 65 cents per share, fully diluted, or
87 cents per share on current issued ordinary shares. This is based on the recent increase in the resource, our
assessment of near term additions and the enhanced prospectivity for nickel as a result of recent exploration. The
valuation is made up of $51M for the Carrick Vale Gold Project, nickel and other projects, and $2.5M net
cash. For Carrick Value we have assumed a resource of 2.0Moz resources (a target we see achievable by year
end) and a value of $25/resource ounce. For nickel and other projects we use a Multiple of Exploration
Expenditure technique, which may prove to be a very conservative approach given that exploration work is
advancing quickly on the nickel project.
The company has developed an excellent understanding of the Carrick Vale geology having held and explored
the property over the past 10 years. Over the past six months it has further identified three NW-SE striking
mineralised structures (see Figure 2) that dip to the SW and that provide the potential to host considerably more
resources. Total resources have been increased 51% to 1.67Moz contained in 23.6Mt at a grade of 2.2%. Most of the increase has
been in the Inferred category where there has been an 83% increase to 1.43Moz.
The resource upgrade is the result of the exploration work done during the June quarter involving the drilling of 7,226
metres at an average depth of approximately 100 metres. This program was conducted over a distance of over 2 km. It
has defined a new resource from Parrot Feathers to the Nook and at the South Prospect has confirmed and increased
the known resource at a cut-off grade of 0.5g/t.
Two deep diamond holes on the Lindsay's East Structure have more recently been drilled, with the intention
of significantly increasing the Indicated category of resources.
Halfway Hill Nickel Prospect. The Nickel Prospect on Exploration Licence E27/318 is located immediately south of the
Carrick Vale tenements and 5 km directly south east of the Lionore Black Swan/Silver Swan nickel mines. During the
June quarter two soil sampling programs were conducted and analysed for nickel, copper and cobalt. Positive nickel
results were received.