For comparison purposes...valuation

Targeting multi-million high-grade oz. in Quebec

Windfall Lake Property, located near Val d'Or, Quebec: Indicated 538,000 oz. (10.05 gpt) / Inferred 822,000 oz. (8.76 gpt) (July 2012)

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From_Sudbury

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For comparison purposes...valuation

in response to

T.I.C.

Sum4All

posted on Dec 05, 2012 03:01PM

Here is a recent transaction for comparison purposes:

"CALIFORNIA RESOURCE ESTIMATE

On September 12, 2012, Galway announced the results of its resources estimate at California conducted by SRK Consulting (U.S.) Inc., in accordance with National Instrument 43-101. The California properties host indicated gold resources of 424,000 ounces in 2.39M tonnes at 5.5 g/t, plus inferred gold resources of 666,000 ounces in 3.85M tonnes at 5.4 g/t at a 2.0 g/t Au cutoff."

And what did they pay for this?

"Under the transaction Galway shareholders will receive Cdn$2.05 in cash" times shares outstanding at about 135 million shares = about $270 million

And where is this located?

"California gold-silver property in Colombia."

Note that there are other details with respect to other deposits held by Galway as well, which are not relavent to the valuation of the Califormia deposit.