I think after the LOI is finalized and agreement signed with HB, we will have a major jump in price on three fronts by the Fall:

1) The finalized LOI will spell out the near-term and option cash contribution to VMS and exploration contribution to Reed Lake. Based on the original option, I would think that HB would need to contribute at least $20-$30 million to exploration expenses on Reed. More details on this will translate into higher intrinsic value for the company. There's also a much higher probability of finding the VMS source and expanding the resource with an aggressive drill program.

2) HB will soon announce their plans for Reed Lake and based on the HB conference calls, it sounds like they will be aggressive in their exploration and mine development plans. We'd likely hear their ETA for developing the mine and how much they anticipate drilling in 2010. More certainty and shorter time frame translates into a higher share price.

3) We will have much greater clout with HB as a partner and I'd anticipate management meeting with institutional investors over the summer and fall to increase the profile of the company. I believe that is why they are revamping the website, in anticipation of attracting institutional investors. I could see them tag-teaming with HVG on the institutional front as both are ready to be taken seriously with the institutional community. Longer term, they may do a reverse split so that the stock can meet the minimum share price for a broader spectrum of institutional investors. Institutional investors translate into increased profile, credibility and higher and wider demand for the stock.

With the old Evergreen Report, they indicated a target share price of about $2. I remember one of the assumptions for valuing the company with a higher valuation being given to the certainty of a deposit being developed. I think at least a $0.50 to $0.75 share price is possible by the fall based on news and increased demand for the stock, and over a $1 depending on how aggressive HB is with drillings and developing the mine.