Not sure if my numbers are right but according to recent release probable reserve was 25.9 Moz. Lets assume a 30% haircut with lower grades gives a probable of 18 Moz. A reasonable valuation would be 20% of reserve or 3.6 Moz at a hedged price of $29.60 = $106560000 divided by shares outstanding of approx 240 Mill = share price of .445 so .345 seems a litte overdone.
get a grip, page-28
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