RE: Louise LakeMcugly: You did note that production costs aren't accounted for in your valuation, but you didn't factor in the time value of money.
Look, if the Louise Lake property was worth anything remotely close to being over $100 million, that would be reflected in NAG's market cap. Whether they hold it or sell it, it will be a line item on their balance sheet (either "PPE" or "Cash") and the company's NAV would reflect that fact.
The fact is that LL is probably not worth anything really substantial. That being said, I would rather that they sell the property ASAP for whatever it is worth and use the money toward getting the rest of these coal mines online.