Ann: Orelia Soars to 1.1 Million Ounces of Gold, page-51

Yes I think a very large discount rate must be given to any valuation at this point in time ....86mill market cap isn't exactly dirt cheap .

... I see RMS.asx just purchased EVN's Edna May gold mine for $40M up front and a maximum of $50M in additional payments...

for this they get an operating Gold Mine-- 2.0MW SAG mill and a 3.7MW Ball Mill along with other components necessary to provide a steady-state capacity of 2.6 million tonnes per annum. The process plant consists of a conventional carbon in leach (CIL) process and SABC FF (SAG mill, Ball mill, pebble Crusher, Feed Forward) circuit. The ore is metallurgically consistent with a typical metallurgical recovery of 92-95%...

-850koz au resource base with great exploration mining upside...open at depth etc

...really think until BZW is running ore and giving us real results via a real world ASIC ...EAR S/P will be be trading the range....