I would probably have used slightly more conservative gold...

I would probably have used slightly more conservative gold price, however your facts are correct.

Except....once the mine is operational, serious exploration will resume. I think production will last much longer than 7 years.

Also don't forget Frieda (Noranda exploring) major copper property, and of course the RAMU major nickel property which has now had litigation finalised (major nickel producer was looking at very seriously until Orogen & Highland squabbled.)

The numbers add up even with a lower gold price.

I'd love to find some others this good (I know KCN and OXR were this good some time ago).