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Message: Nolan Value Spreadsheet

Dischino, I hope it's 1.5B right now...but I have not looked at the issued shares over the last few months and compared to the last report you show. If we are at "only" 1.5B right now, and we are able to get financed wthout an equity component, then you are correct, pro-rate the data in the table by a factor of 1.9/1.5 (or some 26% more in value per share and potential SP).

By the way, one interesting aspect of the table I tried to show is the difference between January 2009 data and January 2010 data, the difference being the summer of 2009 drilling and resultant adjustments to ore amount, grades, etc. The differences are shown at the very bottom of the table.

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