Skellig

I agree that anyone buying at this level receives good value based upon the belief that this will become an operating mine and going alone. Using a back-of-the-envelope calculation, with a worst case dilution to 2 billion shares (issuing shares for mine construction at $0.10), Tyhee could generate $.05 per share after tax ($2000 gold price and 108,000 oz annual production). This could support a share price of anywhere from $0.50 upwards.

I believe that two years from now, this will be considered a conservative estimate once the mine is in production. This would be a five bagger for those just new to Tyhee. To the rest of us it may be a double, triple or breakeven.

If taken out early, the share price will be a premium over the share price of the last 20-30 days. This is not a predictable scenario. We are at the mercy of the mkt and it may not be favourable to the long term holders of Tyhee.

Best case: I favour going alone with a combo of traditional debt and limited shares issuance. I believe that this is what S & B and DW have in mind.

Bottom line, buying at this level will likely give a worse case scenario of 60% premium over a $0.09 share price. All bets are off if a mine is never built.

Does this sound logical?

Russell