Unfortunately given the sentiment for gold explorers at the moment, I'd hazard a guess that it's worth at the lower end of your estimate. I'm thinking around the $30 million mark. There are quite a number out there with significantly larger resources but still extremely undervalued. Having said that, I don't know too much about that region and how much more could be potentially drilled out and further delineated.
As with iron ore, once that price of gold starts to head further north with some purpose then that could be a totally different story. For my mind in the speccy stocks space, sentiment often seems a far greater SP driver than actual value could hope to be. Right now, the market is in love with other things.
GWR Price at posting:
30.0¢ Sentiment: Buy Disclosure: Held
