gee Treemer you must have got them cheap, and been very...

gee Treemer you must have got them cheap, and been very patient!

The analysts of course say $7 to $9, but they use $650 gold most of the time.

If we use $900 gold you probably can justify $15 based on assuming the increased production scenario of 300,000 ounces pa at $500 net profit margin per ounce. Thats $150million a year with a pe of 10 gives you ther $1.5billion market cap or $15 a share. also a pretty rough calc as no discounting of cash flows, but on the other side KCN will trade at a premium anyway because of the quality of the mine and management

of course assumes increasing mining reserves to over 4million ounces which seems quite realistic .

my 3 ot 4 year target is around $25 to $30 because I work on $1500 gold

Remember they need to divest 40% of the mine in 18 months. We don't really know how that will impact the price . My guess is they sell 40% off to Thias at the prevailing market price at that time. The cash raised would then go into KCN bank and be used for expansion/acquisition.

Hope to your still holding in another 4 years!