Ok here is my calculation based on 2.9gr/t. I am using that because it's 10% of our average, still being extremely conservative. I also changed a few more variables. 2.7T/M3= so we will use it instead of BOWS conservative 2.5T/M3. I am not gonna scale it any. I use $250 an ounce as our buyout. So still being extremely conservative as I said before! Still just on one anomaly mind you. Not any one of our over 50 Quartz ,gold bearing veins. (A4 VEIN alone has N1 43 101 for 4460z Au at 1.04 OZ per ton. Also not takng into consideration any of the new 12 000 acres SLI got on TESARO in OCT of last year, 2010. Not to mention the Initial Trenching Results Suggest Potential for Disseminated Gold The various other properties SLI has. One with over 40 million pounds of moly. I could continue but true longs of St. Elias Mines already know most of this and more.

I borrowed the formula from

TEO = A X B X D X E (TEO = Total Estimated OZ of gold in the ground)

SP = TEO X F divided by G

A = Volume of the one anomaly in Million M3 (MM3) 1800M X 1700M X 1300M = 3978MM3

(A) 39780000

B = Density of the host rock (quartz) usually use 2.7T/M3= so we will use it instead of BOWS conservative 2.5T/M3

I am not gonna scale it any...

so take out this variable.

C = Scaling Factor (conservative, and consistent with previous calculations) scale it by 68% (X by 0.32)

Now I am going to use 10% of our average. so 2.9gr/ton

D = Grams per Tonne (g/T) Estimate (the bulk samples averaged 29 g/T, however we’ll only use 10% of our average 2.9 gr/T)

E = 1 OZ/31.1g (1Troy OZ of gold = 31.1g)

F = Price for gold in the ground (can vary, a conservative number = 250 / OZ, adjusted avg from below = $769 / OZ)

G = Number of fully diluted outstanding shares (presently approx 118 Million shares)

TEO = 3978MM3 X 2.5T/M3 X 0.32 X 1g/T X1OZ/31.1g = 345 356 913.18 Million OZ

SP = 345356913.18 Million OZ X $250/OZ divided by 118 Million shares

= $ 731.6883753883045 per Share.

= $ 731.69

Four Recent Takeout Examples

Gold Price @

Math does not Lie !!