by the way just ran some really really basic back of the...

by the way just ran some really really basic back of the envelope calcs on what some target share prices would be based on a) gold price b) production and c) historical conversion of gold sales into EPS.

If it has a P/E of 8:
Production / Gold Price / Valuation
100,000 / 1200 / $3.02
100,000 / 1400 / $3.52
100,000 / 1600 / $4.02

150,000 / 1200 / $4.53
150,000 / 1400 / $5.28
150,000 / 1600 / $6.03

200,000 / 1200 / $6.03
200,000 / 1400 / $7.04
200,000 / 1600 / $8.05

If it has a P/E of 10:
Production / Gold Price / Valuation
100,000 / 1200 / $3.77
100,000 / 1400 / $4.40
100,000 / 1600 / $5.03

150,000 / 1200 / $5.66
150,000 / 1400 / $6.60
150,000 / 1600 / $7.04

200,000 / 1200 / $7.54
200,000 / 1400 / $8.80
200,000 / 1600 / $10.06

If it has a P/E of 12:
Production / Gold Price / Valuation
100,000 / 1200 / $4.53
100,000 / 1400 / $5.28
100,000 / 1600 / $6.03

150,000 / 1200 / $6.79
150,000 / 1400 / $7.92
150,000 / 1600 / $9.05

200,000 / 1200 / $9.05
200,000 / 1400 / $10.56
200,000 / 1600 / $12.07