Let's put it this way (and ignoring the options for the...

Let's put it this way (and ignoring the options for the moment).

Issued capital is ~ 88.5m shares

88.5m x 0.40 = AUD35m (=USD 23.2m)

At last report, the gold resources at Bundarra were ~ 320k oz.

23.2m / 320000 = $72/oz

Obviously if additional resources were found (a target of 500k oz + has been mentioned in the past), the 'valuation' falls to:

23.2m / 500000 = USD46/oz

That is not an unreasobable 'valuation' for an emerging gold PRODUCER but TMX for the moment remains pretty much unknown, unheralded etc and not seen as a real short to medium chance at producing gold and that is what the market wants and where Keith Wellls must drive the company to - in short order!

Go Keith. Show us all - please!