RE:RE:RE:RE:6 - 10 million ouncesCurrent resource estimates are at 6.4M oz of indicated and inferred gold and over a billion pounds of copper. They are still drilling and have not included results from many of the drill holes (12 or so drill holes) into the recent 43-101 estimates.
If one assumes the reources will increase in the same proportion overall (which may not be the case) an adjustment needs to be done to the current resource estimates (37 total holes divided by 25 reported holes, gives an adjustment factor of 1.48. Then multiply 6.4M oz of gold by 1.48 = 9.47M oz of gold.). The estimated resources are at 9.47M oz of indicated and inferred gold.
Using a conservative $12/oz valuation figure would give an asset value of $113.64M dollars (9.47* $12=$113.64M). Dividing this by number of OS: 113.64%142M shares =.80 cents share value. Keep in mind this doesn't include a billion lbs of copper. If we apply a geo-political risk discount factor of 50% as the mines are situated in Equador, the share vlaue is about .40 cents. Any comments or improvement to this valuation approach would be appreciated.
My thoughts/opinion only. Please exercise your own DD and research before investing.