new valuation, page-2

KL,

Except that SOME of these future increases in resources have already been built into the price.

In other words if it wasn't for these expected increases the MC may be ~ 20% lower, thus the $256/oz would be about $200/oz and thus your future SP figures need to be dropped by 20% IMO (using res oz only as future SP predictions).

Of course there are many other things that can and will distort SP as we go along.

kg