No. At the very bottom, I said if I use the metrics of Hudbay Augusta deal right now, $340 million or 85 cents shold be the very very bottom.

Keep in mind that the Silver Wheaton deal was back in 2010. Gold was at $1096 and silver was at $15.90. Currently gold is at $1293 and silver is at $19.20.

I've also said that Augusta feels Hudbay is undervaluing Rosemont. In their presentation, Augusta used the P/NAV to compare.

Hudbay bid is .5 P/NAV = $440 million

Hudbay bid for Constancia or other recent transaction averages is around .8 P/NAV to .9 P/NAV. If .8 average was the metric to use, Rosemont should be $700 million range.

Like I said earlier, there are other factors involved that make these two assets very different. One is the financing aspect. All the mines out there will go through the risk of getting money and bringing it into production. CUU does not have to worry about it, Teck will be the one doing all the work. So what premium does one person have to pay EE enough to forget about this whole financing condition and sell the 25% stake?