re: gul - interesting - GUL VALUATIONSBased on solely GUL's...

re: gul - interesting - GUL VALUATIONS

Based on solely GUL's holding in AGM

GUL VALUE PER SHARE = 0.18894 x AGM SP

AGM at 29c, GUL Value 5.48c

AGM at 30c, GUL Value 5.67c

AGM at 35c, GUL Value 6.61c

AGM at 40c, GUL Value 7.56c

AGM at 50c, GUL Value 9.45c

You can factor in whatever you want for the blue sky derived for the 1% gross royalty in BTV and the value of the 2 properties.

Lets say, the two properties would be worth $1.25 million, hence adding 1c to the value.

The BTV royalty might be worth something if BTV ever gets into production.