Indocan Resources Inc. (IDCN)

[Oceanfreedom]

It is Possible the ceo was just determining value of Gimu based on a recent valuation of an Alabama coal deal, basically a "comparible site". This could very well be the Coal deal mentioned Below.

Hinton Coal Project
http://www.rareearthmetals.ca/upload/documents/hinton-43101.pdf


Press Release Source: Rare Earth Metals Inc. On Thursday June 10, 2010, 9:00 am EDT

http://finance.yahoo.com/news/Rare-Earth-Metals-Inc-iw-1096648558.html?x=0&.v=1

THUNDER BAY, ONTARIO--(Marketwire - 06/10/10) - Rare Earth Metals Inc ("Rare Earth Metals" or the "Company") (TSX-V:RA - News) is pleased to announce it has signed a binding Letter Agreement with Mid Atlantic Capital Associates SL (Mid Atlantic) for the optioning of the Company's Hinton Coal Project, located in western Alberta.

Terms of the Letter Agreement allow for Mid Atlantic or its assigns to purchase a 100% interest in the Project from Rare Earth Metals for payments totaling $3,000,000 over two years, including $1,000,000 on the Closing Date and two additional payments of $1,000,000 on the first and second anniversary. Rare Earth Metals will retain a 3% Net Profits Interest Royalty on any future production from the coal resource. The Option will terminate in the event the Closing Date and initial payment is not completed by July 30, 2010.

Wayne Reid, PGeo, is a qualified person as defined in National Instrument 43-101, and has reviewed and approved the technical information forming the basis for release.