question has been answer back to 40c

Comparative to DOM:

- VRE ramp up to 120k Oz per year is now in full swing...

- DOM's full year production is slightly less than 120k, DOM market cap is probably 3 times VRE....

- DOM's reserves are double of VRE but VRE's exploration will certainly increase its gold reserves significantly....

- Nickel project will be another cash cow....

- Thus, at current nickel & gold price, if VRE at full production capacity (by early 2008), EBITDA is approx. $60mln ($40mln gold & $20mln nickel).... at 5X of EBITDA = $300mln.

I conservatively give VRE a target price of 75c base on above calculation.... but then if gold & nickel go higher, +$1 is possible