Perth, June 20, 2008 AEST (ABN Newswire) - CityView Corporation (ASX:CVI)(OTC:CTVWF) is an Australian based resource company. The Company's strategy is to accumulate a portfolio of oil, copper, gold, rare earth and diamond assets in Angola and upgrade these assets into institutionally saleable and or bankable assets.
CityView assets include:
- 40.5% ownership interest in Fortitude Minerals Limited ("Fortitude"),
- 10.0% Net Profit Interest in the alluvial Luachisse and Nhefo diamond projects, and
- 4.2 million shares in Pensador Inc. ("Pensador")
These assets, based on a sum of the parts methodology may be worth between US$182 million and US$296 million. This implies a value of between US$0.42 (AUD 0.45) and US$0.68 (AUD 0.73) per share .
The primary asset of value within Fortitude is Cachoeiras de Binga copper project. The resources associated with this project have not yet been assessed in a JORC compliant manner. This assessment is currently underway. The Company believes that the assessment, when completed, will confirm an area containing inferred reserves in excess of 1.0 million tonnes of copper, with ore grading of 2.14%.
Fortitude also holds other mineral licences (including copper and gold mineralisation areas), which it believes to offer additional significant upside to the current valuation of the Company. The Company holds this belief based on the history of exploration in the areas represented by these licences and the considerable size of the mineralisation area under each licence. The value of these reserves are not included in the above valuation implying considerable upside to the current valuation assuming successful completion of the JORC assessment and verification of the reserves.
Finally, the Company's management team has a track record of success in executing its strategy with several decades of experience among them in mining industry.
For the Full Price Waterhouse Coopers Report, Please view at this location:
http://www.cityviewcorp.com/
Contact
Mark Smyth
Telephone: (61-8) 9226 4788
Facsimile: (61-8) 9226 4799
Email: info@cityviewcorp.com
Web: www.cityviewcorp.com
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