I think its unlikely anyone under the 1.1c bid will be...

I think its unlikely anyone under the 1.1c bid will be successful IMO. I still think this is half a cent undervalued at the very least.PRE is currently priced at .1c for every 15,900 ounces of the current resource. My (OWN ONLY) valuation is 1.7/1.8c (.1 of a cent for every 10,000 ounces of the current resource).Maybe to conservative? 10,000 ounces(in ground) now is worth well over 75% of the current market cap value. Just working on 175,000 ounces, inground is approx 250 million dollars. Halve that(only for current Gold price) for mining and that leaves 7.7c per share.(Based on $700 an ounce to mine.Could be less when factoring in shallow resources). This would increase by approx 1cps for every hundred dollar increase in the Gold price. So if the resource doubled for eg, where would we be? More than double the current price I would expect. Thus the reason why I cant understand why anyone is selling so cheap. Its a bargain IMHO. It wouldnt surprise me to see an upgrade released relatively soon considering the Presentation was released today. It would go hand in hand. :)