I think in ARU's case, there may be another catalyst that could make its SP edges higher.  If the new draft mining laws (expected in January 2008, by all indication) prove to be favourable, that could eliminate some of the political fear factor.  Of course the ultimate catalyst would be a buyout offer. 

Right now ARU is really trading at a mere faction of its real value.  Based on the 13.7 million oz. estimate for FDN, if we assume a net price of say, $150 per oz - a very conservative estimate with gold retail around $800 - we should be looking at a value per share of about $15 (13.7 miliion oz. x $150 per oz. / 134 million shares).  Of course the real net price per oz. is likely much higher (based on the grade of the ore and cost of extraction, taxes, etc.).  At $8 per share, we are reflecting slightly more than half of its value at a very conservative estimate.  More reserves found may not necessarily be a catalyst that could help the share price, because we have not even reflected what is reported yet.