You could derive a rough estimate from Noront share price Sept 13, 2007. On this date, core visuals were posted for legendary DE1 Hole 5 and descriptions of the core had been provided but only partial assays released. Keep in mind assays for hole number 5 had not yet been announced, and speculative-risk was significantly higher for Noront than would be now for either company with similar results.

For SPQ cores with description and core visual resembling Noront holes 1 - 7:

NOT.VN Shares Outstanding Sept 13 * Price trading range Aug 27 to Sept 13, 2007 = ~97,000,000 * ($4.05 - $0.40) = $354,050,000 DE1 Market Valuation Sept 13.

$354,050,000 *32.5% (SPQ ownership FWR claims) = $115,066,250.

$115,066,250 / shares outstanding SPQ (March 20, 2008) 300,000,000 = $0.385 SPQ share price.

Another way of looking at this figure, is that SPQ share price at $0.385 represents 10% insitu value of an inferred $3.5B resource. Many believe NOT DE1 contains ~~ 7B Tonnes at ~~ $700-$1000 gross average value per tonne ($4.9B to $7B gross).

There are a number of factors which suggest this would be a minimum figure (given the same mineralizations and cores as NOT 1 through 7). Fixed-variable mining costs could likely be shared with Noront, verification of mineralization lends further credibility to the likelihood of additional mineralization on other anomolies as per Dr. Mungall's research, increased probability of major interest and of a mine (buyout) leads market valuation to approach 20-40% insitu value rather than the ~ 10% believed by some to have been initially used in valuation of Noront.

I have to say, this is off the cuff, and the mineralization is likely to be vastly different than that of DE1.. you will be much better served by consulting a GEO or alternatively checking Agoracom (as I will) upon the impending NR to consider advice from some of the other Agoracom members who are much better versed in Geology than I