What would be a fair price? Assuming just 5% of the value of the...

What would be a fair price? Assuming just 5% of the value of the contained metal (US$1000/oz gold price and say 500,000oz of contained metal) gives a value of around $25m.....not that far off the current mkt cap.

If you assume say 1,000,000 m oz, it's $50m

But we may have to contend with a number as low as 20-25cps. It's a real tough junior gold market out there and still plenty of work to do to get a producing mine. Country risk has risen recently too.

Personally I'd be content with anything north of 30cps but I'm being realistic (and if I ever invest in a gold stock again, just shoot me!).