That would have the company with less than 40,000,000 shares outstanding (fully diluted) at a price of $1.52 per share. Our resource would still be 2.19 M oz.; 800,000 of which are reserves.

Personally I think the above looks pretty decent. I would certainly want to buy into a company like that with good management, lots of blue sky, in probably the safest mining district in the whole world. Looks like a nice package to me. Just as undervalued as it used to be but without the appearance of dilution.

This does not account for any recent drilling.

We would also have to divide our individual holdings in shares by a factor of eight.

P.