should be at least 90c

the way is see it $400m in cash plus $70m from the excercise of all the options gives a fully diluted cash backing per share of 90c per share based on total shares on issue after options are exercised of 520m shares

now they have excluded Exploration licence 47/1493 which is a potential windfall in itself, it is thought to be an extension of the existing resource.

should there be an additional say 500mt lying on that tenement i am sure MCC will be more than happy to purchase the additional tonnages at market rates. with drilling to commence as soon as the tenement grant, CFE has more value than just net cash of 90c per share

more importantly i am excited that CFE has access to so much cash at a time when the markets are pricing great assets at a very cheap price and i am confident with the contacts the board that CFE will pick up some great assets

i am not a huge fan of magnetite and i think management realise that MCC have a much better chance of getting the Cape Lambert project up and going. I think this is a huge win for shareholders and Tony Sage and gang are obviously looking at some good assets to agree to the offer. I have huge faith that management will deliver a lot more value post the sale of cape lambert

bring it on i say, lots of cheap prospects sitting on the asx since the market went sour

always the prospect another bidder may be flushed out in the mean time as well