OGX value est. (for discussion), page-4

Hi jimone,

Have kept seeing the debt listed as US8 Mil, but that isn't the full story (I now understand -thanks):



So let me now plug this 20% gold share thingy into my spreadsheet:



So this amount is significant and at these figures = AU$26.4 Mil over 3 years (8.79 Mil/yr) ...good return on US$8 Mil -surprised we couldn't do better than that -but it's hindsight I guess. Will affect EV in the shorter term, but less in the longer term as we prove up reserves over 3 years (hopefully 10 years).

Still shows multiples of our current valuation.

There is another point is that there are 63 Mil 11c options exercisable before Nov 2016. These will bring in some funds, but also provide some dilution to current market cap and also no doubt increase volatility as options are exercised (possibly on good news).



Cheers,

SJB