I think there is an error in my previous valuation of Hinoba-an and Manlupo copper play. I used a 2,000 pound ton, however, should be using a 2,205 pound tonne, being as metric is most likely being used in IPJ's reporting.
Revised:
Hinoba-An tonnage 225mm
Increase expected from Manlupo tonnage 225mm IPJ = 60% = 135mm
Tonnes = 360,000,000
Convert to pounds x 2,205 = 793,800,000,000
Convert to grade .48% (Manlupo @.50%)to get pounds of CU = 3,869,000,000
Value per pound US3 cents, discount for sovereign risk to US2.5 cents = US$96,725,000 Convert to Canadian $ x 1.38% = C$133,500,000
Estimate of Share Capital after merger with DAYK
IPJ shares outstanding before merger 24.3 million
IPJ shares outstanding fully diluted 32.0 million
DAYK will take further IPJ shares of 5.423 million
Total fully diluted approx = 37.4 million
Estimate of value of Hinoba-an to IPJ C$3.57
The stock is trading at precisely the Hinoba-an/Manlupo estimated value without consideration for cash, Indo lands, JVAG participation and Mongolian properties. This stock is grossly undervalued!
Best regards
Ron E
p.s. all, please feel welcome to correct any of the numbers shown above. |
