Tibbs, you make some good points. For now, I happy that I've got...

Tibbs, you make some good points. For now, I happy that I've got the current resource estimate for Zone 2, based on what has been released, about right. I agree with your (2) there's more to go with Zones 1 and 2 and they are both still open. Zone 2 has more results coming soon, I feel, and they should adjust my estimate upwards. I'm also going to try the same analysis on Zone 1 and see what I come up with.

As for your (1) and other comments, these are quite possible, perhaps even likely. It's a bit of a game moving around bits and pieces and trying different valuations. However, it's good to see that, even with different ways of looking at it and different estimates, the end result is roughly the same and much higher than current share prices.

Summary: A valuation range of about $14 to $20 per share, for take-over, based on both BeerBaron and Tibbs' workings.

Once again, a caution: this should be given a healthy discount to account for errors made and to protect against a take-over not eventuating. A 50% discount, or even more, would be prudent.