Mustangman,

Did the 43-101 say we had a "valuation" of $1.2 billion or that if you took the amount of nickel and multiplied it by the then current price, that would yield $1.2 billion? My understanding is if you were an explorer and had, for example, a resource of 1,000,000 proven ounces of gold, that you wouldn't merely multiply one million by $960 and then remove a reasonable fraction for lifting/production costs, but that you take a dollar amount for what the resource is worth "in the ground." Depending on whether a mine is open pit or not, and a multitude of other factors such as grade, infrastructure and location, etc, etc, the production costs could vary greatly. I think for gold, with the metal at $960, you might see a sale of $400 per proven ounce or measured a nd indicated, in the ground, and maybe $150 per ounce or less for an inferred resource.

If you take your second example (666,600,000 / 169,000,000 (shares) = 3.94 per share) , I suppose the company might be worth $3.94 per share if you could get all the resource out of the ground in a week and have it sitting, ready for sale and shipment, but I think the net value of the resource still needs to be discounted back based on a cash flow analysis over the time during which it might be produced.

I'm sure many on this board have some knowledge of how the NOT resource might be valued for share price and/or take out price purposes.