RE: RE: little games within the big game gold_diggers1, you know more about this than I do; I stopped paying for level 2 a while ago since I am not doing any frequent trading these days. Probably some computer troll as you say, or maybe some junior associate at an institution assigned to a back corner to test his chops on some little fish before he gets a real assignment. The selling at the end of the day might just be that. I know sometimes when I used to sell a stock I would try to get the best price throughout the day but would vow to myself that I would sell it by the end of the day regardless. But I do not doubt that the markets these days are a cesspool of manipulation and deceit. I don't think you can beat them at their game of short term trading. You can make money in the market if you have some good judgment, invest in growing sectors, and buy companies, not stocks. That's my theory anyway.
I was just looking at Essakane feasibility studies for some comparison to Kiaka. I see that the capital costs were estimated to be $420 million. Less than our $607 million, but at the time gold was trading less than $1,000 per ounce. The costs per ounce of extracting was estimated well below a $1,000 as well however. In any event, Essakane has been wildly successful for Iamgold. It came into production far in advance of scheduled timelines and permitting was smooth. So I do not see the capex as insurmountable for Volta given the high POG and the precedent for success having been set with Essakane. As most of you know Essakane was purchased from ORE by IMG during the market crisis for the bargain basement price of $189 million dollars. Even if we were looking to sell Kiaka for that kind of bargain basement price right now a much, much higher share price would be on display.
At 59 cents, does anyone truly believe that VTR management would let us go for anywhere near that amount. There are at least ten different ways to value a company like Volta. Granted, one way is to simply look at the share price that we last traded at and say that is what we are worth. The trouble with that is that while there may be some shareholders willing to sell for that amount, many, many would not. Anyone wanting to buy all the shares of VTR would not get them all for 59 cents, that is for sure. So another way to value the company is to estimate what management and shareholders would deem as fair value for either Kiaka alone or Volta in its entirety. If you start doing that then I think you are at least into the realm of the target prices indicated by the analysts.