Ann: Change in substantial holding from MIN, page-75

Hi OldGeo my valuation methodology is done in a project by project basis, to more accurately capture, development and distribution cists. Market price estimates are based on relative competiton in end markets, the model is complex involving probability distributions and a game theorey based price setting model.

This isn't easily conveyed in a forum post, but needless to say you cannot value a company based soley on unrealised resource potential.
Otherwise so many juniors would be over valued and lots of people would lose money as many of these projects don't make it from exploration to full production.