First the valuation from CMKX shown on the 10QSB is $33,750,000 in stock for 5% and $13,500,000 in cash for 9% for a total asset valuation of $47,250,000 for 14% of CMKX claims. this Means we need to find out how much of USCAs pps is represented by CMKX claims. We have the total Evaluation for USCA of 73,834,515 from the 10QSB. This represents 100% of the valuation for USCA since there are no other assets or revenues at this time.

Now we can figure what percentage of USCAs pps is represented by CMKX claims by Dividing 47,250,000 by 73,834,515

47,250,000/73,834,515 = .634

Now we can take the current pps of USCA and multiply by this number to find out how much of USCAs pps is reflective of the CMKX claims.

USCA closing price on 11/18/2004 was $3.00

$3.00 x .634 = $1.902

This means that of the $3.00 pps of USCA the market has valued the CMKX claims at $1.902 for USCA.

Mow we must convert the 63+ million shares of USCA to the 779+billion shares of CMKX to get a ratio to figure the pps of CMKX if it is traded with the exact same principles as USCA is today.

we can get this number doing this equation. OS of usca 63,603,066 (from the 10QSB) Divided by the calculated OS of CMKX using the reverse math widely excepted for the UCAD div 7,500,000/.00000962 which is 779,625,779,625 OS for CMKX

63,603,066/779625,779,625 = .0000816 ratio

Now we can figure the pps target for CMKX based on these two number if CMKX only held 14% of it's claims

$1.902 x .0000816 = $0.0001552

So the PPS for cmkx would be $0.0001552 if CMKX only held 14% of the claims.

However CMKX holds 81% of it's claims remember USCA has 14% and SGGM holds 5%. So how much more does CMKX hold that USCA?  Simple  81% divided by 14% will give you the ratio of CMKX to USCA...

81/14 = 5.7857

This means that CMKX holds 5.7857 times more claims than USCA. so now we get the true valuation as set by the market and the currently accepted accounting practices in the United States. $0.0001552 x 5.7857= $0.0008979

So in a nut shell the market has given us a snap shot of where CMKX should be trading RIGHT now as of today. That pps is $0.0009.


Now we must also remember that the Mine in Ecuador came on line after the 9/30/2004 filing date and so did CMKX acquisition of the Uranium claim in northern Sask. so there are things that have happened since the date for the 10QSB filing period that are not included in the original valuation.

I think it is very plain to see why UC RG ED RW were all saying we should drop a Zero by the Party. IMO the 10QSB was submitted around the 26th of October and the tremendous jump in valuation caused the Suspension of USCA and delayed the filing till now. This 10QSB clearly shows that based on today's accepted accounting practices and the current market value placed on such accounting practices, should have CMKX trading today at .0009 or higher.

The Numbers above with the exception of the OS for CMKX are all in the 10QSB the ONLY figure in question would be what we think the OS for CMKX is therefore I will say that this is a realistic view of where CMKXs pps should be at this point and time. Clearly .0002 is well below the expected pps under current conditions.


Coreton

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