As for my previous posts about the $400 per share possibility, it is based on factual numbers from Sudbury (1500Mt of ore mined so far-This is a fact). I am comparing the location of the main ore bodies from Sudbury to our HUGE land position around in this ring of fire. I also used a 10% in situe value at 700Mt of ore. For those who wish to dream of even higher share prices...here I go.

There was an excellent post by I believe PW on In situe valuations. In his post, he described all the various factors that get used to get a proper In situe valuation for a buy out. I believe if everything is perfect, he had an In situe value near 55%. If someone finds that post or better yet if PW or who ever wrote that post can repost that info, that would be great. But from memory, many factors come into play. Grade was very important, our grade is world class. NI43-101 being done is another. Environmental impact studies, government support, local infra-structure, aboriginal support, etc...are all important when determining In-Situe value. The work being done by Noront management reported by Herbie is to increase our In situe value percentage. Voisy Bay I seem to remember was sold for close to 40% of In situe value. Someone please supply the exact number here if you can. The infra-structure there was probably better than what we have. So lets play it conservative here and say we can get 25% in-situe valuation buy out from a major...You would be looking at $1000 per share...

$1000 per share!!!!!!!!

If I have any major flaws in my thinking besides the fact we have not proven the tonnage (bashers favorite line) please let me know.

If Nemis is given the time, he will make sure that most of the factors that increase In situe value are maximized!!! Having the guy left standing with nothing next to Voisy Bay is our biggest asset. HE KNOWS WHAT HAS TO BE DONE TO GET SHAREHOLDER VALUE WHEN WE GET BOUGHT OUT BY A MAJOR. His next step will probably involve getting infra-structure in the area via the government...

All the different fassets of getting share holder value take time to develop. Proving tonnage is but one piece of the puzzle. The final share price will be: Tonnage x Grade x In situe value. He cannot change the grade. The tonnage will come at a certain speed and he is keeping a good pace on that but he also understands that In-Situe valuation is a huge multiple of the final pay out and he is giving this a fair share of his attention!

Warmest Regards,

Glorieux