A steal @ C$ 0.23 in my view. Market cap C$ 12.5M. Cash ~C$ 9M. Aurico Gold (mid-tier producer with $ 750M market cap) can earn up to 60% of Carlisle's Lynn Lake gold project in Manitoba. Aurico bought 19.9% of the company in November 2014 @ C$ 0.52. 126% above the current price of CGJ. Russian based gold producer Nord Gold tried to buy Carlisle at C$ 0.624 (C$ 0.096 x 6.5) after Aurico made their move, but wasn't successful. 171% above current price of CGJ. Budget 2015 of the JV is $ 13M ($ 11M paid by Aurico). $9M on the feasibility study and $4M on exploration outside of the feasibility study area. PEA @ $ 1,100 gold: post-tax NPV @ 5% of $ 257M. So 40% of this is $ 102M. Initial capex $ 185M. Open Pit. Average grade 2.2 g/t Au, 145K Oz/yr for 12 years. All-in sustaining costs of $ 750/oz So you can buy this now at an enterprise value of C$ 3.5M...0.03x NPV (!) CEO Abraham Drost, appointed February 2014, is the former chairman of Premier Gold and the former CEO fo Premier Royalty (sold to Sandstorm in 2013). See also slide 15&16 of Aurico's presentation: http://www.auricogold.com/files/doc_presentations/2015/03-17-15-MS-Metals-and-Mining-Conference_v001_c9hc6z.pdf