this will be massive, page-11

Okay... haven't had time to do the full calc so it;s based on capitalisation rather than enterprise value. It's out of date by a few days. But you can do your own work to update

Some Comparable Companies:
Perseus
Market Cap 620M
Shares on issue 318M
Ounces 5.280M
Grade 0.7g/t
Cap/Oz $117

Papillon(was Colonial)
Market Cap 12M
Shares on issue 133M
Ounces 522k (attributable)
Grade 3.2g/t
Cap/Oz $23

Gryphon
Market Cap 86M
Shares on issue 176M
Ounces 1100k (attributable)
Grade 2.4g/t
Cap/Oz $86

Adamus
Market Cap 116M
Shares on issue 285M
Ounces 2112k (attributable)
Grade 2.1g/t
Cap/Oz $55

Others to check out are Castle, Luiri, Azumah. There are others but those are a few that are in exploration/development stage.

Papillon (ex Colonial) is another sleeper. Check them out. A bit riskier (tenements and met mainly) at this stage but they've had some pretty reputable consultancies do the resource model. A lot of ground on hand and exploration upside. There are some good plants around for toll treatment options in the short term.

As mentioned, EV/ounce is better. But I'm just short on time right now. EV = Market Cap - cash position + debt

Not many of these boys have debt so simply delete the cash position (which you can normally get out of the latest quarterly).

One last thing. I find it interesting that the latest announcement talks about re-logging the core with a focus on the alteration. They are also talking about high precision imagery. There are some tools out there (which i'm not smart enough to know much about) but they can somehow give you a map on a flyover image of regional alteration. It's useful to understand what type of geological alteration occurred in the zones of mineralisation. It's good for exploration targeting. They also announced higher precision EM geophys work which will be useful in correlating the current work they have.

Having Kato (who's a smart cookie) running that mob means they're doing the right things.