It mentions in the link that it was AQM's Zafranal project. Teck helped them carry out a pre-FS and then bought them out. I also looked at Teck buying out Goldcorp's 21% interest in the San Nicholas copper-zinc prospect. Teck paid about 5 cents a pound according to my numbers and it was FS stage. The zinc component may explain the higher price paid per pound. This gives me a price range of about 30 to 40 cents per share using this approach. There are other things to consider, such as how long before any action may occur, market conditions and management ability to make a deal. I've also posted my estimate of EE's average share price so I know what his bottom line would be. It's no secret that I have no confidence in Elmer's or Ernesto's ability to negotiate a good deal after the JV agreement was executed with Teck. So I set my average share price to a number I'm comfortable with and wait. If I'm wrong about the valuation (too low) then I'll make more profit, so I can live with the shame.