2 million ounces

Just thought I would do a simple valuation for MSR after the recent agreement with CVR. All gold resources have been grouped into a single category for ease of posting (indicated/inferred)

MSR has approx $9 million in cash.
MSR) Shambasi has 1.25 million ounces.
MSR/CVR) Altyntas has 800k net to MSR if they can further prove it up.

Therefore, MSR are holding in total 2.05 million ounces.
With a MC of $35 million - 9 = $26 million.
E/V of $13 per ounce.

I also think that MSR/CVR have indeed got greater long term plans for the Altyntas resources than just the toll treatment. As the Kepken deposit is amenable to heap leech with a slightly higher g/t than Dalabai. This leads me to logically conclude, that the toll treatment deal will focus on Altyntas deposit which holds 600k ounces at 1.35 g/t, which is higher grade than Kepken.

Going from CVRs last Annual report, it looked at a 40k ounce per year heap leech for Altyntas/Kepken/Kengir. This would fit very nicely IMO into both MSR/CVR longer term production plans.