Now let me know if I've got this completely wrong but I was very...

Now let me know if I've got this completely wrong but I was very very bored and decided to do some very very back of the envelope calculations.

It looks like "the market" has decided $120M is around what our market cap should be. So lets say $0 for South Africa, $10M for historic drilling in El Guyabo so that leaves $110M market value for Argentina.

Lets assign an in-ground value of gold = 5% of current price. So that gives us $2500 AUD x 5% = $125 per oz. (As a comparison the "Road to $1.48" report used an in-ground value @$175 AUD)

Anyway our share (75%) x $125 = $93 per oz.

So if we divide $110M by 93, the market is saying it expects we've got around 1.2 M oz's at Hualilian. (not completely unrealistic)

Now if we've got 1.2 MOz's over a strike length of 1.8 KM that means, if you average the grades out, its end up as $6M of market cap for every 100 metres of strike for a resource which appears to be still open in every direction.

Please remember this may be the musings of a complete fool so DYOR!!!!!