Ann: Mt Morgans Gold Operation Exploration Update, page-182

@Greenflint can you please review this. I took the opportunity to look at SBM Q4 report and focus on the Atlantic asset which was paid $780 M A in a lower GP environment. Then I used the average Q production for last 4 quarters from Atlantic. Also I am not considering future life of the mine ore reserve and I also I am assuming same sale price:

		Production Q	AISC	sale price	Margin	valuation
1	Atlantic	26500	988	2500	$40,068,000.00	$780,000,000.00
2	DCN	27000	1475	2500	$27,675,000.00	$196,800,000.00
3					145%	396%

If we assume that SBM paid the right price for this asset in a lower PG and that likely DCN will extend LOM beyond 3 years then thsi should give an idea on how cheap is this DCN baby. 4 times cheapr when compared to this asset of SBM.