So we know the risks. Takeover, inability to get financing, Canada nationalizes mines, no permit, crappy FS, etc.

In case Tyhee makes it, here are my latest calulations:

ASSUMPTIONS:

No take over, Tyhee gets financing, gets permits, gets a positive feasability study and the Canadian Government behaves.

Production rate of 150,000 oz/year, shares outstanding @ time of production of 500 M, total debt @ start of production of $150 M @ 8% APR and 8 year amortization which is monthly debt. service of $2.12 M or $25.44 M annually, operatiing cost $600/ounce (Current est. per PF is low $500's), Gold @ $2,000.

Yearly Gross: 150,000 X $2,000 = $300,000,000 ($300 M)

Yearly Net: $300 M - (150K X $600) - (25.44 M) = 184.56 M

Earnings per share: $184.56 M/ 500 M shares = 0.37

Therefore price per share = $7.40

At ALF's numbers its $55.40

If production rate increases it's higher.

If there is a "blow-off" phase in the gold bull its higher.

I am still buying FYI TDC, Gold and Silver bullion.

SM

PS: I still think Tyhee makes it to production as a publicly traded company.