JenningsIf you haven't read it yet - do it - it's excellent.
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They don't include Black Creek in the valuation and target of $4.75.
"Using the acquisition of Spider Resources as a transaction comparable, theBlack Creek Project could be worth as much as $1.32 to $1.57 per fully dilutedshare."
Or $97 million to $115 million.
They value the AEM royalty to $10-$20 million. Not included in the above target.
"Agnico Eagle is interested in purchasing Probe’s royalty and the Company iscurrently having the value of its royalty independently assessed."
The report further states that:
"While assays from initial drilling in the fold hinge area are yet to bereceived, we are very encouraged by the confluence of geology, structure andgeophysics and believe this to be one of the best untested geological targetswe have ever seen."
Probe are going to spend over the coming 12 months, starting now, $12.3 million on Borden Lake and will be drilling 70000m.
Remember, they spent just $4 million and came up with 4 MOz!