Re: piskanja 43-101 boron tonnage The Serbian government reports prepared between 1996 to 2005 cited a resource at Piskanja of approximately 7,500,000 tons with a useful component of 36.39% B203 based on 31 boreholes totalling 9,300 metres of drilling. Unfortunately not enough information was provided to verify the resource estimate i.e. parameters and methods used to prepare the estimate, author or source. To conform to requisite Serbian mining standards and internationally accepted 43-101 standard, the need for the "in-fill" drilling program of 35 holes on the known mineralized area at Piskanja (almost like shooting fish in a barrel IMO).
I also agree with some here that we should expect the feasability study to be somewhat conservative. Piskanja probably has much more than the 7.5 million tonnes of known resource, however, I expect we will only confirm the positive studies done (Feb., 2012 and June 2012) of 6.5 million tonnes of 36.8 percent B2O3.
Using HighPh calculations for Erin Ventures: (1) A profit margin similar to the borate producers (i.e. Eti Mines) : $6B X .75 = $4.5B
Erin Ventures’ market cap : $12m
Piskanja’s Net Asset Value in the ground : US$22.50 share price (4.5B/200m shares)
Jarondol deposits - 96% still unexplored - ??? million tonnes.
Using sasky05’s calculations of 25% NPV which is reasonable for pre-construction phase valuation , that would give us US$5.62/sp.