Ann: Waylering Update, page-58

If it is all factored in.. you better let Tmk shareholders know. They currently sit at a 70m market cap for 66% of Mongolia. We hold the other 33%. So shave 30m off our 100m mc, then take out 16m in cash.. Thats leaves 54m for Walyering, Condor and 25% in Teg which is worth 5-6m based on their mc. So 50m for 150m revenue over 5 yrs, possibly longer. Pretty drastic discount rate you are using on that Npv over there buddy. N.b Colby has mentioned cash may be returned to shareholders, so incorrect that its all already allocated to future drills.