LAKE SHORE GOLD CORP 6.25 PCT DEBS T.LSG.DB

RE:Is there anything wrong with my numbers?

[KingswayKid]

To my knowledge, mines are primarily priced on their NAV (net asset value). You can think of this as a liquidation value in that if a company were to sell that mine today, what would it get. Also, there are different classifications for reserves (2P, Indicated, inferred, etc.). By saying LSG has "potential" for a larger reserve base, this may be true in that it has more in a lower probability classification (eg. indicated), however these are not typically priced into NAV as more testing needs to take place.

In regards to the first part, multiple variables come into play such as grade, milling yield, management, balance sheet items, etc. that would account for the difference.

Hope that helps.