valuation research data, page-6

indeed CUB.

Another not much used valuation method look at the following -

Contained tonnages

multiplied by

Price of the metal per UOM.

multipled by

the "rule of thumb" JORC classification, where reserves can attract up to 6%, but Inferred around 1%.

So AVB are somwewhere between the reserves and inferred, and ar at the lighter end of the grading, so I'd say around 2%-2.5%.

So, the calculation -

400,000 KT x $8,400 per tonne x 2%

gives

$67.2M This excludes and gold credits too. So I feel we are valued about right at the moment.

I am sure the rampers will disagree, but hey, IMO of course.

HB