GrapesofwrathI didn't really answer your question.
You asked if I really thought it was only worth 3-4 times as much even if new results are not favorable.
I don't remember ever saying that it was worth that in those terms. But here is my quick assessment on that..
Based on what we have results from so far.
I forget the exact numbers but something like 1.86 million proven and probable. A bunch more of maybes. Some say 3 million,, but I think that is stretching it. It could easily become that, and maybe not. so we will work from the 3 million dream.
I mentioned a while ago I thought 1.30 (dream without more results.(
If we were bought out tomorrow for 1.30, and with 200 million shares outstanding. the buyer would be paying us $260 million. Another $300 million they woud have to pay to actually get it up and producting.
So, almost 600 million it would cost them to make this a mine. At the upper limit of our reserves (including probable) that would cost the acquiring company about $200-$300 an ounce. That is a very
high price. Might work with todays gold price. But if the gold price goes down to $1500 they might not make any money.
So maybe a dollar if we are lucky.
If the new drilling results are good, who knows?
$200 an ounce inground for what we have now is a high price.
I think a buyout where we sit now would likely be in the 40's, maybe 50 cents. I think with a new ceo the shareprice would double within 3 months to a higher price than that. jmho.
I think a dollar, I would be happy.
Maybe the drill results will be good.
(without major changes, I will sell below that price)
Good Luck