I've done the same math myself. Many times. But no matter how one wishes to "dice and slice it" it is apparent that for some reason the market doesn't think that the money/profits generated from this company will benefit them (as shareholders) ....but rather ONLY the directors. (I am still a long ways away from making my first penny of profit.) And it would help if the company actually placed value on its shareholders ........like keeping us informed and being a bit more frugal with the comopany's money.

Regardless I'm convinced that ONCE the cash flow actually turns into significant profit (as earnings) the market will come around. But until that ever happens this company needs a catalyst .... a MERGER, a NICE DISCOVERY, a HUGE INCREASE IN GOLD PRICE, an unexpected MARKET SHIFT TO JUNIOR MINERS, or, as stated, some solid EARNINGS. Take your pick.

Until one of the above happens we will drift to wherever and however the breeze wishes to push us ...and who knows for how long. I like to think though that the longer we consolidate the stronger this coiled spring becomes. History at least would tell us that it is only a matter of time .....whether days, weeks, months, or years though is anybody's guess.

My2Cents