RE:Implied valuesKeeping it simple, Centerra is paying up to $300mm for 50% which values Hardrock at $600mm. So PG has a $300mm assett divided by 160mm shs plus or minus $1.90. That's it. Add in the rest of their assets , Nevada, Red Lake and the remainging Trans Canada. Back of the envelope would put Nevada in the $150mm to $200mm range based on the purchase price of Cove (upto $48mm ) and the added value based on drilling and McCoy $25mm plus the South Carlin property, say $35mm at a minimum. Adding these, $1.90, and say $200mm for Cove and McCoy, ;plus a off the hat estimate for Red Lake of $25mm (conservative) plus 19 cents in cash equates to approximately $1.40 or $3.30. subtract debt but not deferred taxes of say $3mm or 2 cents. Throw in the remaining Trans Canada based on PG's $78 mm - discount it by half because it is not in production and you get another 25 cents. For all practical purposes the estimated value on the fly is approximately $3.55. Of course a higher gold price would have a beneficial effect, but keep in mind that until production occurs we are all speculating on the true value.