I personally think $50 in situ value is too low. Rainy River Resources is getting $82 for 1.26 g/ton for 5MM oz.

Country, Grade, Size and Infastructure are all key factors. Bottom line is there is no hard and fast number for in situ value. However Golden Hopes should be valued at or near the highest level possible at some point in the future as we could be the best in the world at all four of these key factors. I think I could build a more compelling case for $150 per oz as someone could build for $50. Therefore I agree with Rago and it should be at least $80.

C

T

Au M oz

Mkt Cap

Cap Au oz

Country

Anatolia Minerals Development Ltd.

7.16

5.56

6.50

768

113.98

Turkey

under 1 g/ton

Andina Minerals, Inc.

1.46

1.12

11.09

120

10.85

Chile/Chile/Argentina

.62 g/ton

Brett Resources Inc.

4.78

4.05

6.67

433

64.91

Onterio

.8 g/ton

Carpathian Gold Inc.

0.44

0.3

8.23

83

10.09

Romania/hungary/Brazil

1.14 g/ton

Detour Gold Corporation

29.4

24

25.52

1676

65.70

Onterio

1.02 g/ton

Gabriel Resources Ltd.

4.93

4.78

13.80

1624

110.47

Romania/Translyvania

1.3 g/ton

Gold Reserve Inc.

1.02

0.9

14.13

52

3.68

Venezula - Issues

.66 g/ton

Great Basin

2.55

1.82

15.92

615

38.20

USA/South Africa

40 g/ton 2.5MM oz 5 g/ton 15MM

Greystar Resources Ltd.

3.86

15.07

324

19.90

Columbia

1.09 g/ton

International Tower Hill Mines Ltd.

6.38

18.66

418

22.40

Alaska

1.12 g/ton

Nova Gold Resources Inc.

7.95

6.67

31.50

1256

37.08

Alaska/BC Canada

2.2 g/ton

Osisko Mining Corp

11.83

9.30

3982

428.36

Onterio

1.12 g/ton

Rainy River Resources Ltd.

8.06

5.9

5.03

426

82.44

Western Onterio

1.26 g/ton and 1.03 g/ton

Seabridge Gold, Inc.

29.42

27.7

61.48

1122

18.26

British Columbia Canada

.59 g/ton - Ag/

Vista Gold Corp.

2.42

1.43

17.51

64

3.59

Mexico/US/Canida/Awak

1.25 avg of Projects