I also listened to the conf call, and captured the following critical points in establishing the value of the company:

1. ~ 6 weeks until the current feasibility study is complete

2. A few weeks until the company will list on the AMEX

3. Gov't permits for mining ... in the works, but need to be finalized

4. IFFCO to provide technical skills and additional funds in getting the rock to their plants in India for processing.

Sounds like each of these milestones should increase the valuation of the company.

Within two years they will be shipping 5M tons a year at ~ $340. per ton for a total of 1.7B in annual revenues.

You can do the math for the p/e yourselves. However to go from $3.10 per share to $20.00 plus in two years will be quite a ride!