My understanding is ARD has a 22moz Silver resource round 70%...

My understanding is ARD has a 22moz Silver resource round 70% inferred&Indicated they will own 70% of the resource very soon.

As the resource is Open in all directions/depth the I&I resource should well grow.

the DFS should once proven Kempfield an economic mine lead us onto getting a JORC resource so should get a prob/proven reserves late 2011?

Looking forward ARD and GCR will have to workout a deal going forward as the deal now only works to 70% In talking with Kerry he stated that unless GCR front up with 30% of the cash needed to get Kempfield DFS an into production. (unlikely with GCR focused on Copper hill)
So most likely GCR will sell their remaining 30% or take a royality and allow ARD to take 90%+ control if they get into Silver production before the end of 2012 etc
ARD will certainly have the cash with a likely cash pile round 10mill if most of the repriced ARDO ex.

Is one area that is holding the price down IMHO without a clear understanding of control going forward,but we should know soon 2011/12 will be major re-raters for ARD bring on the announcements