I expect this stock to 'pop' over the next couple of weeks as people digest what the latest hits mean. So $5/sh is entirely possible.

The reality check is that we do not have a billion tons of coal yet. It may be there but we have a number of existing holes around 08-02, 08-03 and 08-06 that were duds. Maybe redrilling to deepen these holes will show coal horizons below the limestone the holes ended in, but the existing evidence is that the holes were misses. So we currently have about a 3kmx1km block around hole 08-05 that looks really good for continuity and thickness while the remaining areas around 08-02, 08-03 and 08-06 have continuity challenges so their tonnage potential is questionable.

If we had hole lengths and drill collar elevations on the holes drilled to date we might be able to make an educated guess as to the potential of hitting something if they deepened 10,11,14,16,17.19. 21 etc.

It’s curious that hole 09-31 shares the collar location of 09-11. I wonder if 09-31 is their depth extension of 09-11. I found it peculiar that they would talk about redrilling old holes at depth before they actual tested the theory (it would be easy to move a drill back on a collar location and redrill). Just something to think about.

What we do have is an exceptionally well located large property with tons of potential and proven intercepts of high grade coal. More drilling and unraveling of the area's/deposit's geology is going to be the key to tonnage.

As to using 10% of insitu values for valuation I think you have to rethink that one. Maybe that will happen once commodities firmly take hold again but for now I'd use something around a $1/ton as a valuation point.

.... Been There