Well look at it this way: I believe that the deal with FWR will happen, so our Share float will go to 233M. Add another 30M shares for 2 more PP before we are bought out. This could include also a 10% buyin by a major. So now, we are looking at a company that has 265M shares outstanding.

At $10, that gives us a MC of 2.65B, not too shabby but I believe low

At $20, that gives us a MC of 5.3B I believe this is the area where we will be if we are given enough time to prove things up (12-18 months) and wrap up some of the other players around.

At $30, that gives us a MC of 8 Billion dollars. In the current global economy situation, I would put this as my very top end aspirations.

Now, compare this to VB that was bought out for 4.3B when nickel was $3 per pound and you can see that the 5.3B figure is not out of touch with reality IMO.

Those are my targets for 12-18 months barring a collapse of the world economy. I do not foresee a collapse though but I do see a 3 year period of very low growth in the US mainly which will temper commodity demand and keep prices reasonable for base metals. For precious metals, including PGEs, I believe we are in a very bullish trend. Gold finishing the week over the $1150 mark was very impressive.

Glorieux