I just read a letter from Inter- citic to potential shareholders (Oct,11,2011). There are numerous points they bring out and in particular the interest in gold by the Chinese! But check out the number that the market is paying for gold in the ground (in situ?). It ranges betwen $38/ounce for the juniors to $106/ounce for some of the majors! Using the lower number ($38.00/ounce) one can easily price how much St Elias would be worth/share at various amounts of gold discovered. here's the numbers:

@ 100,000,000 onces total =$29.23 dollars/share

@50,000,000 =$14.61/share

@25,000,000= $7.30/share

@12,500,000= $3.65/share

@6,250,000= $1.82/share

@3,125,000=$.91/share

Multiply those numbers by 2.75 if a buyer pays $106.00/ounce as below!

100,000,000=$80.38

50,000,000=$40.00

25,000,000=$20.00

12,500,000=$10.00

6,250,000=$5.00

3,125,000=$2.5

Read the Inter- Citic letter dated Oct.11,2011 for your information and verification of my numbers (the $38-$106 that is). Further verification of prices according to Cannacord/Genuity mining analysts ( Jr. mining weekly dated Oct. 4, 2011.

I've heard some wild prices over the past year ($300/oumce in the ground) but this should clear up how juniors are being priced now.

It's amazing to see how much SLI could be worth even if we have just 25% of what we've been hoping for (at least what I've hoped for by listening to other people ......that was 75,000,000 Ounces).

Even if we have just 6 milion ounces we could all be very rich. Hang in there, it's worth the wait and the bet in my opinion!

JW