latest announcement?, page-3

Pulse,
I expressed that fairly poorly.
Once those subsidiaries are consolidated as a result of the acquisition, the holding company will have the cost of the acquisition on its books as an investment.
However, your have to take the subsidiary accounts pretty much as they are.
The mill was written off historically, and the accounting standards will not you revalue it too easily for some strange reason.
The GTM directors obviously value the tenements at a premium to their cost-but what is their fair value. Note he did not give you a guide as to a figure-so what can a poor accountant do but value them at cost.
The reserve argument is standard accounting treatment and is also fairly logical.
In summary, the point about the mill is valid-it should have a value. The point about the exploration dirt is a bit of a furphy.
Cheers,TAS