If you assume the resource can be re-classified as measured, and you have 300,000 oz gold at $800 per oz gross value, and you assume an operating cost of $400, gross non PV value of metal in ground is 20 cents per share; So there may be upside from 2.5 cents; If you just take 100,000 oz "measured", and increase cost to $600 per oz, you have nonPv value of 3.3 cents per share; I have no idea whether costs are even close. But if Hartley's are underwriting, admittedly for 6% fee ($300,000), you would hope they have done their homework and the issue will list above par
2.5c shares good idea, page-9
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