Atna Res Ltd ATNAQ

RE: LIKELY

[pecorina]

am long ATN for some time; but this is 'free' ride since I sold portion recouping my investment. At $ 1.30 or so, I dont consider ATN a screaming buy. Yet there is good upside due to Pinson and other active projects. Based on some 7O.0 fully diluted and $ 13.o in cash, they published at Pinson some 1.8 mill ounces waiting for Lord Barrick to do their part now; ATN would have 30% of the 1.8mill ozs or 550,000 ozs(but ABX have to spill $ 3O mill within two years) Hence, 550,000 ozs at insitu value $ 150 (possibly $ 2oo) give us USD 82,500,000/70 mill shares = USD 1.18/CD 1.30 plus CD 0.20 cash = CD 1.50 Using USD 200 in situ value, this equates to CD 1.90 share; 50 % over above scenario So, what value to place on insitu gold bearing in mind you are at the mercy of people like Barrick? What value to place on ATN's other projects awaiting drilling? Obvious, above projections can use soem fine tuning. Anyone? - Barrick being Barrick I expect them to put the pistol to ATN's head in due course before they spill the thirty million on exploration they are contractually commited to spend. As we all know Barrick have their own standard of 'morals" Ciao Tina