That's correct, explorationguy. The market valuations have dropped significantly over the last 12 months. And the accepted cut-offs have gone up due to a higher cost-basis. I think a 0.35 gpt cut-off is not longer accepted by the market, even for open-pit. Minimum requirement is 0.60 gpt. But for comparisons sake, have a look at Probe Mines, PRB.V, 5.9 million ounces M&I at 0.3 gpt cut-off, $ 60,3 million market cap, $ 32 million cash, EV $ 28,3 million, EV / oz. $ 4.88 (!!!). And that's potential open-pit with all infrastructure near-by in Canada and not in a third-world country. Just goes to show how low the market valuations have become. 5 years ago you could have bagged probably 10 times this value. FANTOMAS