Bench, that'spretty good "back of the envelope" analysis. Thanks.
I would just add that "New Virgina" should have about 25 million shares out when it finally gets going. That implies a cash break up of about $1.24 - certainly within the 'ball park' of your $1.396 floor price.
And this figure assigns a ZERO value to all the NV's propective properties. Given the data of 200 plus Eleonore wells and Andre Gaumond's 8 years of toil in the area, I wouldn't be too surprized if his team has some interesting 'plays' the want to test. After all, isn't in his idea to only sell Eleonore?
Looking a couple of years further out, a 2% net smelter royalty on the first 3 million ounces of gold production,(a sliding scale royalty beyond that) could bring in a nice little annual cash flow. Depending, of course, on the eventual size of the Eleonore deposit, this royalty alone could end up being worth tens of million dollars. And provide a nice base to fund exploration without excess dilution.