I sure wish I knew. On the positive one could argue that the valuation doesn't even include the reserves from the La Fortuna project and its recently purchased surrounding area (and instead was apparently categorized into the "Latin American exploration potential", which is surprising because it has a large amount of resources relatively speaking). Furthermore gold has gone up considerably as of late but yet the stock price doesn't yet reflect that. On the negative the reserves don't include the company's debt (some 7 million I understand) and/or any potential negative developments that are always possible unbeknownst to us shareholders. (I can't help but to feel a little paranoid in light of the recent stock performance, lack of insider buying, and the recent Farrant decision to depart. But then what do I know?)

I suppose just about every gold company out there could probably make an argument that they are way undervalued. I guess in the end it all just comes down to how well the company executes its plan (and as a huge part of that how well their decisions are made on shareholder's behalf) and how well the market/global economy works in our favor for gold pricing vs production costs, as well as avoiding any intangible negatives. The company can "slant its value" to the upside however large it wants to but "until they show me the money" (i.e. profits) I can't help but to "take it with a grain of salt". But with that said I sense that we are indeed significantly undervalued at this price, and further more are in need of a catalyst in a big kind of way.

I have no doubt that the 4th quarter will be excellent but I'm not so sure of the 3rd quarter results. Will have to just wait and see. Either way it looks like I'll be holding onto all of my shares for a long time to come .....especially with this disappointing direction as of late.