WMC paid about $130 million for it in late 80's/early 90's when...

• WMC paid about $130 million for it in late 80's/early 90's when the gold price was below $350/oz
• Rex have done 6 months dd
• Over 2500 drill holes on the project
• Rex have said the database highlights the presence of a large blanket of low-grade mineralisation previously uneconomic when gold was $350/oz
• Gold is now $1500/oz
• Nevada is world class gold jurisdiction and this was once a mine
• Rex is in the process of completing an initial mineral resource based on historical database
• Rex has about $15m worth of farmland, $2.7m cash, a drilled out copper project in South Australia (awaiting final approvals to mine) and now this gold project
• current market cap ~ $25m

Speculative obviously, but doesnt seem like a high enterprise value to me depending on the size of the gold resource in Nevada