Khareema, I believe when it comes to assessing Chromium value, you may be right in general. However, because the world annual consumption of this metal is less than .05% of what is available, I believe the 10% In situe value as a way of assigning SP is flawed. This may be the most basic question that even paid analysts graple with. The value of Chromium itself varies greatly with very high grade (above 40%) with high Chrome to Fe ratios has a superior value. Chromium of 30% to 40% can be used directly in smelters and has a more moderate value. Chromium under 30% has to first be concentrated and hence it's value drops considerably.

That is why I was very surprised by the title of the last NR. The grade there of 11% is so low that it may not even warrant concentrating. When considering this and that we do have top notch people who know this, why would they choose that as a headline? Even 5M of 40% is probably worth more than the 65M of 11% though I am not positive here of the math but I do know that grade is king especially for Chromium and that high grade gets a very large premium.

The other thing is the $3.00 value is simply for Eagle 1. Eagle 2 is worth that and more as the $3.00 value assumes that the previous cash flow from mining Eagle 1 will pay for infrastructure. So once infrastructure is in place, the ROI on Eagle 2 will be WAY higher. So in my opinion, Eagle 1 and Eagle 2 are worth a minimum of $6 per share.

Glorieux