Added January Presentation to "President´s D.D." section (top right hand corner of this page).

As goldhunter pointed out, a sound valuation is based on the ENTERPRISE VALUE, which is market cap plus debt minus cash.

PRB EV = 62.9M shares x $ 2.28 + $0 (debt) - $33 (cash) = $110.41 EV

LTGoldBull referred to Canaccord´s Monthly Gold Valuation table (I think), which shows an average valuation of 37 miners and explorers all over the world with 43-101 in-situ ounces ranging from 0.6M oz. to 31.5M oz.

If this was your reference, LTGoldBull, than this figure has gone up again (finally, with the recovering market and climbing PM prices) from $90.49 per in-situ ounce in December 2011 to now $110.21 in February 2012 (which is an increase of 22% !).

So, let´s start with the valuation based on this average in-situ figure. But I would take into account that our ounces are mainly categorized in the lowest section of the NI 43-101 calculation, being inferred ounces (3.75M). With the minority (0.3M) being in the next higher category measured& indicated. This is surely going to change significantly with the upcoming NI 43-101 update.

Therefore, I would lower the average in-situ price for the deposit, just to be on the very conservative side, to $90/oz. As a plus, which would warrant a higher in-situ price, we would have safe mining jurisdiction, excellent infrastructure, easy access and potential open-pit scenario. But as I said, just to be on the very conservative side.

So, 4.05M oz. x $90 = $364.5M in-situ valuation for Borden Lake so far.

Our EV is $110.4M, which means that from todays share price we should see a 3.3-bagger = $7.52 share price, to get to a proper valuation based on known resources.

And all other properties are not even factored in !

I thought, that´s pretty conservative, but looking at the 4 analysts quoted in the company presentation (p.12), they are even more conservative and show 12-months target prices between $4.00 (Mackie Research) and $5.00 (Northern Securities).

And who thinks, that these 4M ounces at Borden are all we got ? Potential for 8-10M ounces should double that price. But it won´t, because if Dave gets similar 2012 drill results, which would indicate that direction, we will get taken out pretty quickly, imho.

FANTOMAS