<1m oz,dfs done,quality management,go figure, page-20

re: <1m oz,dfs done,quality management,go f... Edison Investment Research Report (2010) below illustrates how undervalued ATV is.
LONDON, January 28 /PRNewswire/ -- Edison Investment Research has re-run its analysis to determine differentiated values for 'measured', 'indicated' and 'inferred' resource ounces to include the Canadian, Australian and South African markets as well as the London one. In doing so, it has been able to determine that the average value of a 'measured' resource ounce globally is US$340/oz, while that of an 'indicated' ounce is US$159/oz and that of an 'inferred' ounce is US$34/oz (excluding Witwatersrand ounces). An average ounce is worth US$158.56/oz, which contrasts sharply with both its cost of discovery (US$8.81/oz, as determined by leading international accountancy firm BDO) and a historic benchmark valuation of US$35/oz.
Please click here to view the full report: http://www.edisoninvestmentresearch.co.uk/sectorreports/GoldJan10.pdf
http://www.edisoninvestmentresearch.co.uk/research/sector/research
Atlantic Gold resource ounces valuation:
Measured Resources 130000 x US$340 average value measured ounce resource globally = US$44.2 million
Indicated Resources 655000 x US$159 average value indicated ounce resource globally = US$104.15 million
Inferred Resources 420000 x US$34 average value inferred ounce resource globally = US$14.2 million
Total valued of gold resources based on global averages US $162.55 Million
which equates to approximately A$164 Million
The research would appear to indicate the shares should be valued around 34 cents.

Note the gold price is US$280 higher than it was when the report was written.

I made Wally aware of this report some time ago.