Ann: Prospectus, page-33

between burraga project and grace we have just over 200000 ounces with minimal drilling to upgrade and possible increase the size of the resources. In ground open pitable measured resources would have to be a minimum $100 ounce value at the current gold price. So I personally think that the current minimum valuation of psl would be $20M not including possible and probable increases in the size of the resources, the possibility of adding a copper component to the grace prospect and the prospect of hitting more gold/copper at depth all of which we have the cash to achieve.