It's kind of interesting seeing these numbers. Some comments:

- $570M for 74% of Papillon = $700M for 100% Papillon

- Article says 4.2 Moz @ 2.4 gpt, while website says 0.93Moz indicated and 2.21Moz inferred for a total of 3.1 Moz (presumably they just found another 1Moz somewhere). Anyway, the point here is that the grade for an open-pit mine is quite good; but most of the gold is in the inferred category(70%).

- PRB, open-pit portion alone, the deposit is about the same 4.3Moz but grade is lower, over 1gpt; or smaller deposit (2.4Moz @ 1.70gpt). Recent in-fill drill results indicate that the resource estimate and grade are expected to be better.

- PRB, underground (UG) portion, expected to contain ~ 3-4Moz @ 2.5% (for a combined total of ~8Moz)

- Mali is land-locked and not really a stable country (war, refugee problems, etc). Canada is a much much better jurisdiction, imo, with excellent infrastructure for the region PRB is located.

From a general perpective it would be not far-fetched to assume a better price than $700M for Borden Gold deposit (the whole thing, open-pit and UG).

$700/75M = $9-10/s.

Note: Revised resource estimate, based on in-fill drill results, is expected to come out in June (to be safe, say end of June).

Feel free to make your own guess.

goldhunter