"Using the uncapped estimate at $100 per ounce the gold is worth $21,250,000."

Well... yeah... historically... but I don't think deposits this size are sellign for anywhere near $100 per ounce... IMO a more reasonable estimate might be $60-70 per ounce in the ground... That puts 'value' (not even proven yet economic) of 212,500 ounces at somewhere between just $13-15 million.

On the other side of this... has anyone had the stomach to calculate the discovery cost per ounce?

Accorging to latest financials (to Sept 2009)... ~$15 million DIRECT costs can be attributed to Hercules exploration in 2008 and 2009 alone... does not include prior years or other indirect administrative costs associated with Hercules... and we all know Hercules has taken up most of KXLs time over this time period...

Therefore KXL basically spent $15 million to find something worth somewhere between $13-15 million or $21 million (best case IMO)... over a period of 3 years+... On a per ounce basis... $15 million direct costs / 212,500 ounces Au = ~$70 per ounce.

Was it all worth it?... Mgmt might say they are 'content with progress' and it's 'part of the plan' etc.... heck they have to say this don't they?... But the market says undoubtly 'NOT WORTH IT'... and unfortunately many of us are ony here because we care what the market thinks and not what mgmt thinks.

red911