TRR was valued over $ 5.00 last year and sold for $ 3.30. The current EV/oz is about $ 72 and they had $ 100 MM in the till so cash wasn't a problem. I note that in PDG's April presentation( slide 20) the EV value of TRR was about $ 98 as of January 10,2012, so their value dropped after the resource update was released in February. If we take the $ 72 EV/oz as current market value , that's about 20% higher then the $ 60 EV/oz PDG gave themselves in the April presentation(share price $ 0.75). So let's hope Griz is right about it being too early to be considered a takeover target or we could go for as little as $ 0.90 !