Mark (LT), your post says:

"Still undervalued at $2, basically a valuation for Black Creek plus balance sheet cash. Figure in and add Borden at $50/oz, then with a higher Revised Resource based on 246+ holes and a most positive Infrastructurre/ Location based PEA."

This is a follow-on to your statement (noting that today's Market Cap: $127M)

- Cash: $27M

- BC: >$100M (value suggested in PRB slide 6 of the AGM Oct 2012 Presentation...interesting, suggested value for an opening bid in an auction?)

- Borden: 5.6 Moz (not yet expanded resource estimate) x $50/oz = $280M

- 5% Goldex Royalty: 5% of 400,000 oz (slide 6) x $1700/oz = $34M (could sell this royalty, back to AEM or SSL, a royalty streaming co., if we want the cash NOW. Yah, why wait for a few $M/yr. Get the cash now to do more drilling to get the resource estimate passed the nice round number of 10M oz.

The first 2 items (as Mark indicated) = $127M ~ Market Cap

Add them all up: 27 + 100 + 280 + 34 = $441M (total worth)

441/65M shares = $6.8/s (at least a 3-bagger)

Note: The above SP of $6.8 ignored the expanded resource estimate from the new holes (which are quite a few) and the effects of the POG on the in the ground value of gold and the 5% royalty.

Going past $2? Tea leaves say..no worries mate.

goldhunter