Ann: Financing Documentation Finalised for LLGP , page-38

re: Ann: Financing Documentation Finalised fo... Hi Jarg,

Ordinarily I would agree with you. However, a gold company like EVG can only stay operational as long as the ore resource is available to feed the mill.

Thus, a PE of 9 is inappropriate as there is only 6.7 years of ore at their present LL location.

Thus, the NPV of $78m is a better way to value EVG at present.

This will increase, however, once/ if EVG secures additional ore resources for LL and advances their Ecuadorian and Peruvian projects.

Regardless though, market cap vs. NPV is very attractive.

Cheers
John