Hi goldbarron,

I always calculate market caps on a fully diluted basis and not based on issued and outstanding, because sometimes you get very hefty figures on options and warrants which paint a very different picture if exercised.

In your calculation, that would be:

CGE: 51 M shares fd = $ 30.6 M market cap (0.60)

IMI: 70 M shares fd = $ 16.1 M market cap (0.23)

FMG: 43 M shares fd = $ 17.2 M market cap (0.40)

Regarding IMI, you have to take into account that they are not only FMG JV partner, but have some very interesting properties in Nevada as well (past producing mines), which are drilled as we speak. That´s the reason for some additional interest over the past few weeks there.

Apart from that I fully agree with your analysis.

FANTOMAS