exploration costs would be off set by reserve increases,...

exploration costs would be off set by reserve increases, surely.

Also where does a gold/oz under $1700 come into calculation.

Both of you should sell you holdings and try another more profitable venture other than CRC.

At no time have I seen valuations calculated on PE's.

Even with modest reserves, full development cost write offs etc the potential MC looks impressive.

Too many variables/unknowns to be critical of anything at the moment.