I bought into these today - below is a copy of a posting elsewhere. The oppies are quite cheap but expire end of March.

copied this from asf's by "young trader"

Hope you dont mind mate.Apologies if you do.


Thought it was about time for an update on assesment given recent changes


HLX
Share structure
100m shares + 25m 14c 31/3/07 opeis,

15c Mkt Cap = $18.75m
20c = $25m
25c = $32m
30c = $37m
35c = $44m

Projects

Tunkillia Gold, HLX is 49% Free Carried by MEP, OXR has taken an option to earn 25% as well, if the project stakes up OXR have expressed their desire to purchase it outright as with Prominent Hill

This is the jewel in the crown,

JORC stands at 10.5Mt@2.2g/t = 730k oz's Au
However this is a 18month old JORC that HLX outlined, MEP has been drilling away for the past 12-18months and a new JORC is due out soon, the new JORC will probably be 15Mt@2.5g/t = 1.34 Million oz's Gold

Cap Ex is estimated to be $30m - $50m for a 1Mtp.a. or 2Mtp.a. plant

Cash operating costs are estimated at $400 oz which at a current AUD spot of $800 oz provides some very nice cash flow figures

NPV of project
Assumptions:
Resource = 730k oz's
Margin = Estimated to be $400/oz but use $300/oz to be safe
Cap Ex = $50m

730k oz's @ margin of $300oz = $220m less Cap Ex -$50m = $170m

Net to HLX = $170m x 49% = $80m = 64c HLX

Clearly alot of potential here and the most important factor that seperates HLX from other speccies is that a Proven Development company MEP are doing all the hard work to get the project going, thus funding is not going to be an issue, also as OXR has a back door option to buy into the project it spices things up a little. so its only a matter of time.

EXPECTING JORC UPGRADE WITHIN 2 MONTHS (expecting 75% increase to resource)

Glenburgh 100% Gold, W.A.
JORC 1.1Mt@3.1g/t = 110,000 Oz's Au, they're targeting a minimum 500k oz resource for a stand alone project

Lake Everard HLX 49% TOE (Toro) 51% Searching for uranium
S.A. part of Tunkillia area

Recent surveys by Toro Outlined several huge anamolies, they will be drill tested by a massice 1000 Hole Campaign in March/April



Yallen 30% Free Carried by API, Pilbara W.A.

The drilling confirms a mineralised
zone of 2.7km x 900m, up to 30m thick and grading
up to 60% Fe.

2700x900x30 = 73m Cubic Metres Ore

Now over at the YML thread gringokonyo and camaybay established that 1cubic metre ore = 4 tonnes

73m Cubic Metres = 292mt Ore grading say 58% Fe



Expect an update within the next 1 month as diamond drilling has been completed and results released by AQA but not HLX

Summary
This truly is one of the last few undiscovered GEM's, previously only Tunkilia provided true fundamental value, but now we can add Yalleen to the list as AQA/API JV are determined to get into production ASAP and will fully fund development if need be.

The U grounds around Tunkilia provide HUGE SPEC UPSIDE!