I put the 2011 RE into the calculator http://www.grahamanalytics.com/Toolbox/insitu_valuation.htm. The calculations look accurate.

and posted a screenshot in the Photos folder (on the left side of the Agoracom screen, here Orca: http://agoracom.com/ir/CopperFoxMetals/photos) using a conservative average for metal prices

In Situ

$31.67 of metals per tonne

$32,013,935,916 total metal value

Using the USD/CAD exchange to calc the 25% (0.25) CUU portion after back-in: $20.85 per share fully diluted (IN SITU)