$6m m/c $3.2m cash 46.1m @ 5.40g/t au , page-62

Hope this helps.

RER has a market cap of about $6 million not including options as they many not get exercised.

They have $8.2 million cash

$5 million debt

60% of this lease which they just sold 10% for $7 million

Therefore current valuation of the lease is 60% x $7m

Gives you a total valuation of $42 million plus cash minus debt which equals around $45 million.

Market cap $6 million

Asset valuation $45 million

SIMPLE!!

No brainer with exceptional drill results and awaiting more!