4 million ounces? Really? I think we would be fortunate to get to 1.5 million. Is $100/ounce really what juniors are being valued at? I have seen anywhere from $50/ounce to $400/ounce.

Also, how many shares are you assuming? Are you calculating using fully diluted?

Edit: I see you wrote eventually for the 4 MM ounces, my bad. It very well could get that high but I thought you were referring to the next 43-101.