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Heraclitus,

I understand that the NPV calculation prepared by Intersuisse already factors in a number of overly conservative discount factors when deriving the $2.82 valuation... as the project gets de-risked, it would be safe to presume that Intersuisse will update their model accordingly and the $2.82 will be restated upwards.

In my opinion, this valuation gap (being the Intersuisse valuation and the current share price) will close dramatically once the PFS is completed and the JTC sign on the dotted line - a valuation will then be implied by the quantum of the JTC transaction that should easily be digested by the market. According to the company this is slated to occur by the end of the 1st Quarter 2011.

Cheers


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As always, do your own research.