maybe, page-4

SP, you forgot PRE's gas project and their other farm-outs in your valuation. Gas hasn't been a goer this time round but the tenement is very, very prospective - proven by the failed well (failed because of technical difficulties not a lack of gas).

I don't think PRE is overvalued compared to NAV. I think they are both similarly undervalued and if PRE's gas is more likely than NAV's REEs then I would say that it is PRE that is comparatively undervalued.

For the record, I like both companies.

So to take your valuation style and incorporate all the assets you missed we have:

1. Market cap
PRE about $10 million
NAV about $40 million

2. Cash
PRE $750,000
NAV $6,600,000

3. Gold
PRE 150,000 ounces and still early days.
NAV 950,000 ounces.

4. Other Projects
NAV have a promising rare earths project
NAV have some farmouts - Au, Cu, Ni, Zn, PGE
PRE have some farmouts - Au, Cu
PRE have a very promising gas project.