Ann: Exceptional Assays from First-Pass Drilling at Mount Flora, page-17

I'm not too familiar with HRZ however when one compares the Enterprise value per resource ounce for different gold companies, one needs to take into account the quality of the gold resource. If the quality of the resource is high, the co will trade at a higher EV/resource oz than a co with a low quality resource. So, for example, Company A may look cheap with an EV/resource oz of say only $35/oz, whereas Co B may look expensive with a EV/resource oz of say $200/oz. However, simplistically just comparing EV/resource oz figures to determine value is misleading and further analysis/judgement re the quality of the resource is required. Factors affecting the resource quality include but are not limited to:

- size of resource - small = negative
- grade of resource - low grade = negative
- location of resource - isolated = negative
- depth of resource - too deep = negative
- nature of ore - very important, refractory ore = big negative
- is it one large, consistent resource (positive) or numerous, smaller satellite deposits (negative)

Of course there are also numerous other factors that will affect the co's market value - for eg. the expertise of the management team

GLTA & DYOR