I guess at present, our valuation is, well $3.11. ($420MM market cap - Fully Diluted shares of 135MM).

To break the current S/P down a little bit:

At present, we have $42MM cash which equates to $0.31 per share, again F/D.

When hole #06-100 was announced at Windfall, our S/P rose to $1.07. I believe it was also Genuity that gave a $1.00 value for Windfall. Using this $1.00 valuation for Windfall will prove to be conservative. In order to obtain $135MM valuation we will need to prove up less than 1/4 million ounces of gold.

So, if we back out these two amounts from our current share price, we are left with $1.80.

$1.80 X 135,000,000 = $243,000,000

We are therefore trading at an in-situ value of:

$243,000,000 / $2.15 Billion (GMV E1) = 11.3%

So, I guess at present, we are probably trading within the correct range for what is KNOWN today. The market requires further confirmation in order to recognize a greater premium. Remember that Voisey's Bay sold for 40% in-situ.

It is only a matter of time before Blackbird1, E2, AT12, additional drilling at E1 or one of the other numerous targets provide that confirmation.

To speculate a little (okay, a lot). We know that E1 is valued at $2.15 billion. If Blackbird1 is worth 2.0 billion, E2 - 1.0 billion and AT12 (E3) - 2.0 billion, our total GMV would be roughly $7.0 billion. Hopefully at that point, we will also be trading at 40% in-situ.

$7.0 billion / 135MM shares X 40% = $20.74.

I personally am very interested to learn more about our Chromite deposit and of course confirmation of rumors at AT12.

To steal a line (somewhat) from Canseco:

Waiting with Confidence,

Cheers,

Milsy1