The deal to sell Reno Creek to Bayswater provides a baseline for valuing Strathmore on their properties. At $2/lb for measured and indicated pounds, Strathmore is worth $98.4MM, but they have a market cap of about $34.8MM. So on that basis the company is inexpensive here. Another way to look at it is that at $0.48/share, you are paying for the value of the Reno Creek property and their cash, and getting the other 37MM pounds of M&I uranium for no cost.