Cornerstone Capital Resources Inc V.CGP

Valuation based on Today's quote

[cigarbutts]

Cornerstone is 633m shares out at .24C  is   $152M.

Less Cash  $7M  is                                         $145M

170M  Solgold shares at   .46Can is               $78.2M
                                                                    ___________

Value of 15% of Equador Project                    $66.8M  Can.



Solgold 1.7B at .46Can is                          $782M  Can. 

Less    Cash and Other Explor assets        $120M  can
                                                                   ________________

 Value of 85%  Of Equador Project                $662M

Market Value of 15%  Interest                        $116M.


Cornerstone undervalued by    $116M minus  $66M  or   $50M Can.

Note: I valued Solgold other exploration assets at about $20M  Canadian.   May be worth more or less than this,  they are not included in the 85%/15%  JV earn in.   PLus,   Cornerstone Capital  IS on the hook for their  15% share of capital contributed to the JV,  one day,  eventually.      This is about  7.9 cents per share   Canadian.


IMO if Cornerstone falls in a bidding war between BHP and Newcrest,  the winner will make an offer for all the remaining Solgold shares eventually.       Cornerstone should get a better price than GUY  as they have more of a "control"  position,   and some exploration assets on their own in Equador.