Ann: Quarterly Activities Report, page-96

I have to think that at a market cap of 205m it is fairly valued at this price, at this stage in it's development (and possibly even a little over-valued compared to it's relevant peers).

I purchased at a little higher, but the market cap metrics seem fair about here.

The real appreciation will take place when it's in production, and if the gold price holds up, and from further exploration (and the results).

It has 860 million shares on issue, which is not unsubstantial.

I'm just being objective here, nothing more. I'd like it to be 60 cents, but I don't see that happening until after production, provided the AISC is low and the gold price is high.

There is not a great return to be made here, but with some patience over the next 2 years, shareholders buying at these prices may get a 100% profit, which is very good compared to bank interest rates.

If you put in $50k, and hold for 2 years, you should make $50k (or $25k a year profit) - which is ok.

Gw