Ann: RIU Explorers Conference Presentation, page-73

(10M x $1.56 (GL1 shares)) + (20% manna = very roughly 10% inherent worth GL1 (MC $212M)) + ($20M stage gate payments = $20M) = $16M + $20M + $20M = $56M.

MC BRB = $73M.

Buy 1.7M oz gold for $17M ($73M - $56M) or $10 oz.

I havent included the value of the $6.5M already paid and treat it as an offset against my huge asumption that 20% manna is 10% GL1.

Worth a punt? Either we are the most deluded fools around or for a variety of reasons well-canvassed here, everyone else is letting sentiment get in the way of rational investment.

Now you could argue that the value of what we have in GL1 is all theoretical. Sure is, but the point is that the folks who are invested in GL1 are prepared to say that is what the thing is worth cause thats where Mr Market is pricing it. Cant say its not real in our case but is in the case of GL1. Makes no sense.

So folks if you want to buy a holding company for a considerable interest in GL1 with huge amounts of virtually free gold on the side, I can tell you where to get it....