Danny;

I do not believe I was disrespectfull to YC. If he feels that way then I aplologize.

What I was simply trying to convey, is that if you have a pile of steel, glass and plastic, one could argue that those items are in fact the makings of a Chevrolet. One could then begin to discuss the valuation of different kinds of cars, which could conclude you could build a Cadillac from those raw materials and therefore the value of those materials is based on what they can be made into.

In fact, they are nothing but piles of steel, glass and plastic, and they are worth what the market pays for raw materials. Deciding what your materials are worth is based on what you have, and not what could eventually be made from them.

YC is far smarter than I will ever be, and I wouldn't argue his conclusion or that the math/science is wrong. I'm saying that we have far to little to go on, and if we are given more information from the company that suggests we have something tangilble, then I suggest we look at "fair value" based on what we have to sell, and not on what can be created after a lot of heavy lifting is done. The total raw materials for a Cadillac are worth about $1,000.00. A fully functionaing car is worth 60 times that.

We don't .......and probably won't......ever have a factory to build a car. Why are we trying to calculate the value of one?

I don't know where the figure of 500,000 oz came from....It may be just the same chatter that said there was a rail line built to haul rock out of the Beauce.

Last year a lot of people.....including me.....believed our CEO, when he claimed we would prove a million oz by Christmas. That claim was a very expensive lesson for many people.

If there isn't enough steel to manufacture an ashtray then you sure as heck shouldn't be calculating the value of a fender much less the whole Chevy.

PC