Ann: Valuation and Listing Rule 7.1A.4(b) and 3.10.5A Information, page-25

I guess it all depends on what is down there in the deeps - of course we could get end up with damaged or incomplete core, or we might end up with something massive Cadia like. An investment in SVY is a high risk/high reward play where the aim is glory or death. I only have a relatively minor position at a sub 30c average so I can afford to live with death.

I am not too sure if we should use XAM's valuation here - an Australian resource is always going to be worth more than a similar resource in Mongolia.

My 10x and 0.1x were just nice round numbers - my upper and lower MC bounds I am using are $250 million and $7.5 million - 7x to 0.2x.