Tonight I'm trying to learn how to do a NAV calc for CMM's Lamaque operation only, and would like to know if any of you can help teach me the following:

1) How to do this? (ha ha) Seriously, any links to websites that teach how to calculate a mine's NAV would be much appreciated. I think I should have figured out how to do this before getting involved in investing in mining companies.

2) Do we know CMM's demonstrated cash costs yet? Either per ton of ore, or ounce of gold?

3) 8% discount factor is good to use, isn't it?

4) Does Lamaque run a 7-day week, or 5-day?

I know how to do present-value calcs and Excel is my best friend, it's just I've never done a mining NAV calc. My first stuttering attempt tells me that Lamaque alone, at 700tpd 3g/t 5-day, should be worth 23 cents; giving the rest of the company a 25 cent/share value suggests to me the market isn't pricing in any "future production" yet, waiting for the proof in the pudding.

1200tpd @ 4g/t gives you 53 cents, meaning a 30-cent upside to acheiving their promised production.