Ann: Quarterly Activities Report, page-31

That's one way to look at it. You could also compare it to another gold explorer, like say a certain gold explorer with a project in Chile, which has:

• JORC resource = 0
• Highest grade (from first drill hole) = 2.45g/t
• Highest grade (from geochemical sampling) = 15.02g/t
• Cash on hand (at end of June qtr) = $1,121,000.00
• Estimated cash outflow (for next qtr) = $590,000
• MCAP = ~$29M

So far we have a total JORC resource of 396k ounces, with Talisman/Bonanza module resource announcement due soon. We have over NZ$5M cash on hand. Our MCAP is only ~$35M (on today's closing SP on ASX). IMO I think we're undervalued now. If we were to get a resource upgrade of an additional 120k ounces, I think there is every chance that we could see our MCAP increase to $50M. Of course, I'm just speculating on what might happen, the market has a tendency to be irrational and over and undervalue stocks, so there's no telling what might happen.