Hey Chappy,

Excellent break down of the numbers using the NPV method. Fits in nicely with my own prediction of $5-7.

Valuing a mining company is not an easy task, very few people in the industry can actually do it with good accuracy. One guy says do it like this, another guy says do it like that.

Im just curious if youve factored recovery grades in your analysis?

I used the Lumwana deposit just for a quick comparison as both deposits have relatively similar numbers when it comes to contained metals...although we will recieve a premium (but not 10x) for being in North America, but Lumwana clearly had a better CapEx. Resource nationalism is a real killer in other parts of the world.

I still predict we'll see $5-7 for everything, no spinco, no nothing...although if I were to put forth a single guess I would say probably $5.50-6, but its hard laying a tangible value on things like forward looking potential and environmental impact.

All in all I hope Im wrong and we get over $7.....but try as I might, I just cant see it unless commodity prices skyrocket here in the near term. However it is clear to me that even if I miss my prediction on the low end of things....I see absolutely no reason we wont get a minimum of $4.25-$4.50.

Rogue,