valuation, page-2

But he also says -

New CMR management has cleared the decks with respect to geology and resources. We believe this is a solid, conservative resource base for exploration to begin to add up.

and

If profitable Oxide production occurs and the Sulphide project progresses, re-instatement of our 10% discount rate could see our valuation rise back above $4ps. Further, removing the 50% discount from the Sulphide project would take the valuation to $7ps.