gdo vs igr , page-22

Champ

I think you wlll need to wait for the next resource upgrade, they do it once a year in Dec so all the drilling for Modder and Ventersburg will be done then. May get one earlier for Golliath though

Ventersburg has been done on the 2.45 million resource but i suspect the quarterly we make commentary on Modder drilling which will know will add to reserves and mine life and Ventersburg which we know will further strengthen a bankabke feasibility for Vantersburg.

Interstingly, the ability to place sinificantly different multiples on a project NPV by research firms gives plenty of upaside to future valuatuions. The Feb Gold report by Ambrian has NPV multiples at 1.7X and higher for some projects, with projects no better than modder east. If 1.7x was used for Modder East that plus goliath share value would equal 88 cents. My point is including only Modder East (with no reserve upgrades), Goliath Shares and Ventersburg it will be very easy for Ambrian to place a target price of a dollar to 1.30 for GDO.