RE: Value per Ounce Mystery I'm just guessing (without having done any calculation) that the result of the aforementioned calculation might be approximately the same, assuming 3 mil oz reserves, as around 10x earnings. To this you might add or subtract based on issues such as quality of management, growth possibilities, etc. But once this is up and going and has reached its full potential, 10x earnings seems very reasonable. I might add that I read somewhere that Ian Gordon believes they are headed toward 150,000 oz. production, and he may know because apparently he has 30% of his personal wealth invested in this stock.
I think we are down because of the stock offering at a low price (which, by the way, I consider the most reprehensible action taken by management), concern about getting permits, anticipation of the results of the 43-101 and concern that it may not come out on time, the web site going down, the mill going down, etc. There has been an incredible confluence of factors which, if management really is decent, offers a great investment opportunity, one that may never come again.