A couple of things First, we only have about 1.5 million ounces. Second this is based on only 56,000 of the 80,000 metres drilled. We still are waiting for about 25% of the drill results to be incorporated into the 43-101. Don't know how much that will increase the RE but it won't be 25%. We will add ounces and move some from inferred to M&I.
If you deduct the cash in the bank from the TRR takeover it works out to about $75/ounce. However, 50% of our resource is in the M&I category compared to 14% for TRR.
If GBB was taken over for $75/ounce that would value us at about 112 million. Say 250 million shares fully diluted or about 45 cents a share. Unfortunately, we don't have enough ounces to really generate enough interest for a buy out.
Fast forward to the end of the year. If the deep drill program works out and we add a couple of million ounces from that plus the rest of the drill results we could conceivably be looking at 4 million ounces. At that point we would be worth taking over and at close to $1 a share. It all depends on the deep drill program. All we can do is sit and wait.
In the meantime, 10 cents a share is a joke, 25 cents a share would make more sense, it is a buying opportunity for those with funds.
We have a good 43-101 and two drills working on the property on a 7,000 metre program. SGS has 6 geos working in shifts logging core. We have 18 kilometers of Phase 3 drill core assays to news release. We are far from dead, there is lots of activity.
The market is aweful which is an opportunity.