red back mining tsx, page-9

FM, in response to your post I've done a few calculations for what their worth? I'm no expert in this field!
Based on US exchange rate of $0.8238 -
Current gold price A$1061 -
490m shares (includes options in the money) -
Estimated plant cost US$204m (A$247m) -
Borrowings to date US$105m (A$127m) -
Current resource total 3.5m ozs. -
Total inground value A$3.713B -
Using figure of 10% of in ground value (have seen 5% & 10% mentioned elsewhere) gives the following -
A$371m + plant A$247m less borrowings A$127m = A$491m
= A$1 per share (approx. current value)
Anyones welcome to pull that calculation apart.
Cheers!