From the NROne item from the NR I don't think has been discussed much (or at all from my recolection) is the following.....
Assays are pending for the three other previously disclosed holes flanking this hole (LP-158, LP-160 and LP-162, see Stockwatch news dated March 28, 2006), as well as for 10 other holes drilled in this manto that cut one to four metres each of sulphides.
We currently know the following...
100m long x 60m wide x 4m thick x 3tons/m3 = 72,000 tons (still open in many directions)
Now from the NR we can guess that the 10 holes are step out holes that, based on history, are 15m out for each hole. We don't know the dimensions but lets assume they resemble those of the original Gaudalupe. For arguement sake say Guadalupe South is 50m x 100m....if this is the case we can then extrapolate..
100m long x 50m wide x 2m thick x 3tons/m3 = 30,000 tons
I guess what I'm suggesting is that Guadalupe is still growing but Guadalupe South is also growing and may in fact be already approaching 1/2 the size of Guadalupe.
Now lets say the Lead and Zinc cover the costs...
102,000tons x 35oz/ton x $13/oz = $46,410,000
Another way to measure...
102,000 tons / 6,000 tons/Month = 17 month = almost 1.5 years mine life at current production.
Gives great revenue over a long period = lots of time to find more (which I personally believe is happening as we speak..exising mantos getting bigger)
I think valuation of this stock is difficult for the very reason that the valuation is based on what we believe to be the future results. Valuation on it's own is a tough measurement...how many juniors have no cash and post losses yet still garner a value as a stock...simple...the market believes the potential of what they are doing. The great thing about EXN is we believed at .30 and they delivered and to this point all indications are that they will continue to deliver, that's why we think the price will go up regardliess of valuation.
JMHO
Keeper