$40m is what it's worth now according to TKO, dumb bum numbers said its worth $10m now - better times $100m. Using that math its worth $400m in better times correctamundo?

=============================

From Excelsoir's website www.excelsiormining.com :

---------

Excelsior is developing a low cost copper project within the copper porphyry belt of Arizona. Based on an initial production rate of 110 million pounds per year and a US$2.75/lb copper price, the Prefeasibility Study indicates a pre-tax NPV7.5 of US$1.24 billion, pre-tax IRR of 59.7% and a payback period of 1.8 years. Total initial capital expenditures (including contingency) are estimated at US$284.84 million with sustaining capital (including an acid plant) of US$602 million and an average life-of-mine direct operating cost of US$0.69/lb. These metrics are amongst the lowest per pound capital and operating costs for copper projects in North America.

Over 60,000 metres have been drilled to date on Gunnison, which has a Probable Mineral Reserves of 3.61 billion pounds (632 million tons at 0.29% copper) contained within the Measured and Indicated Mineral Resources of 3.91 billion pounds (683 M tons at 0.29%). There is also an additional Inferred Mineral Resource of 1.40 billion pounds (338 million tons at 0.21%). Mineral Resources and Reserves are at a 0.05% cut-off.

--------

MIN is currently valued at $30 million. I think that they are the closest comparible for us.

They have done a lot of drilling and upgrading of resources, 270% more copper, completed a positive PFS showing a pre-tax NPV7.5 of US$1.24 billion, pre-tax IRR of 59.7% and a payback period of 1.8 years.

I think it is a fair argument that they are leaps and bounds ahead of us on both amount of copper and level of development. Thier project that has an NPV of well over a billion dollars, low CAPEX and a quick payback of less than two years.

Add to this, they are "supported by an abundant water supply" and electricty, are located in mining friendly Arizona, proposing an ecologically low impact project. I don't know about our water supply, but I assume it is good as others are mining in Miami. These positives are the same for us as well...

The point I am making here is that MIN has a great project, loads of copper (nearly 4 billion lbs!!), great NPV, quick payback period - sounds like a slam dunk doesn't it?

But they are sitting unsold at a market cap of only $30 million...

That is how bad this current junior market is. Reading that really cemented that with me.

Yes, I do think it would sell for more than 30 million now IF there was a buyer - but why no takers? Insert whatever multiple on SP you think is fair. Reading the website it seems that there is no big push to sell now, which is really smart I think. When copper prices climb and shortages loom someone can grab this project and be running in a very short period of time and low CAPEX. I'm sure this will eventually reap a high selling price.

I don't think my guess at a value for VD of $10 million (with just an RE and sell now) is that far off the mark? I think $40 million now with just an RE is high IMHO, and above is my reasoning for that. I think the market conditions are being understimated regarding their effect on project valuatiions. I also think selling into this market would be a mistake unless it was required for survival.

I think our location adjacent to the likely purchaser of our property (or even just close access to a smelter and acid supply) is in our favor over Excelsior's project.

We a lot of work to do to get to the same stage they are at. Can anyone hazard a guess at what that might ultimately cost? I imagine we are paying for work done in Arizona in $USD. I assume currency exchange rates are not in our favor there as they are at SC.

===================

Nopoo said "I happen to agree they were pulled out of someone's bum, there certainly was no research or DD or thought put into coming up with them. A simple search on google shows buyouts and what they were worth to the shareholders of bought companies.

How about a little due diligence instead of posting 'dumb bum numbers' that are so utterly worthless to us all?

=======================

How is that for DD nopoo?