Ann: Independent Expert Validates Resource Estima, page-3

re: Ann: Independent Expert Validates Resourc... They just need to get production up to nameplate. Once that happens there has to be a re-rating of the stock. I put a $5 IGV on the probable resource (25 million ounces) alone and get a MC of 125 million. I know it's simplistic but it shows the company is undervalued.

I did another calc of $15 (conservative) profit on 2.5 million ounces a year and came back with 37.5 million dollars profit. They would pay the loans back in a year and still have money to spare.

This company is seriously undervalued.