Keep in mind that NPV does not necessarily equate to the transaction value of the project. I've read that projects are often sold for 1/2 NPV. Taking on a project involves a lot more than the risk associated with the discount factors. Look at NCU's share price in recent months while they have actually started the mine at Pumpkin Hollow - in very many ways, that project is substantially more de-risked than Schaft Creek.

Baja, Bell Copper and Nevada Copper are all getting seriously pounded while they try to get their mines started. Poor Bell Copper might just be on the ropes in the final round as they try to get their Mexican mine into production.

Adding potential? Sure.... then divide that potential by 406M outstanding shares.

A big sexy NR with the Aerial Mags and Mira product could be a game changer so we might have to do a post NR buyout pool. Some good mineralized cores out of Discovery, ES and Mike zones could change the game too.

We bought a whole bunch of potential in Arizona for $2M ($0.005 per FD Share). If we sell those two projects for double, we'll see 1 cent in our SP. Have a look at the grades coming out of Sombrero Butte (i.e. very nice). Folks can drive the family car right thru both Sombrero and Van Dyke (probably Wi Fi out there too LOL!). Water might be a political issue that could lock these projects out. Webgogs put up some great info on the new properties on the "off topic" board:

http://www.investorideas.com/Research/PDFs/BL_U_Oct25_2007.pdf

Hole lost at 153.3m due to high pressure water.

http://www.infomine.com/index/pr/Pa533901.PDF

I think a lot of the other factors (port, NTL etc) will simply help ensure that the project gets sold with negible effect on SP. The 406M FD share count is a nasty denominator in all these calculations.

glta