Thomas,

Although I do agree with the fact the VIT is undervalued and that the price of gold will go significantly higher during the course of the next couple of years, I would like to point out that the values given in VIT presentation are discounted by 5% and are pre-tax. I know in most NI 43-101 these parameters are used, but they are quite off the mark. Discounting such projects is this sector by 5% doesn't really concur with reality. Although when financed with debt a tax shield does add value, the discount factor should be in the order of at least 10% and taxes should be included. Tax breaks and other incentives can add further value but in an intrinsic valuation they should not be accounted for.

Just my opinion...

GLTA