moy valuation, page-5

My Valuation.

2 areas of concern that will knock down the target a little bit more... I was not sure so just worked with what i had.

Tax?
Shares on Issue: Is it more than 3 billion shares now? Should we calculate Full diluted? Not sure if people perform these calculations on full diluted or not..

Production 100.000oz
Conservative Gold Price: $1500
Cash Cost: $756

$1500 - $756 = $744
100.000oz x $744 = 74 Million Before Tax

74m / 3 billion shares on issue = 0.024 cents EPS

0.024 EPS x 15(PE) = 3.6 cents (Future Target)

Current PE is 1.8 Cents (current sp) / 0.024 EPS = 7.5 PE

So Target Valuation is 3.6 cents * Problem does not include tax on profit and i did calculation on 3 billion shares on issue.. These two items would be further pressure on target. anyone help with tax on profit and correct shares on issue. May take the target down to 3 cents...