Ann: Becoming a substantial holder, page-27

For what it's worth, I'd encourage holders not to get too concerned with the current price action. MGV's current market cap is around $200 million. A few days ago DCN made a bid for NTM Gold which valued NTM at around $85 million. NTM has a resource of 679k ozs of gold including a high grade resource of 141k oz at 4.9 grams Au/tonne. Personally, I think it's the high grade resource that is key - quality high grade open pit resources are hard to find and highly prized. Comparing NTM's high grade resource to MGV's high grade resource, MGV's resource is 262k ozs at 10.2 grams Au/tonne. i.e. nearly double NTM's high grade resource in oz terms and more than double the grade of NTM's high grade resource. Logically then one could conclude that MGV should be worth at least double NTM - based on DCN's takeover price for NTM of $85 million this would imply that MGV is worth minimum $170 million. Now some may argue that we need to look at total Au resource (not just the high grade component). Whilst I agree with this to some extent, from experience I know that it is the high grade, open pit material that is coveted. MGV also has the Evolution JV, identified high grade lodes not yet included in resource etc. Therefore, in my mind I'm comfortable that MGV's current market cap (and price) is reasonable and hopefully we should rise from here with further positive drill results etc.
GLTA and DYOR