rough estimate of what its worth eps n pe wise, page-5

rickstar , theyre gonna bring in 58mill per year from 4000 tonnes proddy

After 2 years thas over 100mill in bank

they can use this to develop armenia gold

the main thing is to bring in the CASH-FLOW from the copper and produce as much as possible in the plant at optimal levels.

with 50-60mill cash coming in and no taxes for a while, theyll have enough for drilling for sure and with more and more cash flow, theyll eventually get the gold in operation

Like I said, purely based on copper, theyre gonna make roughly 5.8 cents per share and im using costs of $2USD and not the 1.30USD theyre saying itll eventually lower to.

you can give a PE 5 in a bear market and you get 29cents valuation

you can further discount the valuation back by 15-20% for 'risk' till this 4000 tonnes eventuates and you still get about 25cents value using the above variables which are all conservative given that we're in a bearish type market for now till the US comes back.

So we're being conservative here with every variable!

Based on 3000 tonne proddy EPS is 4.4 cents per share; PE 5 and you get 22cents

the share thus in a bearish market should trade around that level, as it completely discounts the gold and extra copper production.

ive been VERY conservative already rickstar

cash-flow from copper and account for all the drilling to increase copper proddy. Once thats done, itll be a cash-cow.

And then they can get to the gold .

thats 2 years away at least IMO

Still , if ure conservative like I have been , you still get a valuation that should be 50% higher than what its trading at.

14c at 50% higher, gives my valuation based on 3000 tonnes!