Each warrant gives the owner the right to buy 1/30,000,000 of the Newcos silver/gold/etc. by 2014.

Therefore, if the Newco has say 1 billion ounces of silver equivalent by 2014, that warrant is worth 1/30,000,000 of 1 billion Ag oz.

1/30,000,000 of 1 billion = 33 ounces.

So, at expiry in 2014...each warrant would be worth the "in-ground" value of 33 ounces of silver at that time...minus the exercise price of $19.00 ($.95 X 20).

If the market is more pro-PM at that time (which it should be) and values "in-ground" resources at one tenth of their value, then each warrant is worth 3.3 ounces of silver.

At current silver prices, that's 3.3 * $34 = $112 in paper dollars - $19 = $93 per warrant.

If Ag is $100 per ounce, then that paper price would be 3.3 * $100 = $330 - $19 = $311.00 per warrant.

That, to me, is the value of the warrants - I think in future value.

The value of the warrants today, is the price that the market pays for that purchasing power. It is what the market says it is.

I own a few 100,000 warrants - I am biased...and hopeful, but confident.

lp,

gildage