I dunno - seems that number is similar to my valuation. I posted a pre-production price of $50.45/share (without Venezuelan discount). Although my cost assumptions were slightly incorrect as compared to GW's recent post (I got my info from the KRY website at the time). $339 per ounce over the life of the mine and $244 per ounce during the first five years compared with $346 and $258. I think this difference is offset by the gold increase from $975 to $1,000 per ounce. Once the company is in production and making a profit (which should be fairly quick), I would expect the share price to develop an appropriate P/E ratio which would compare the share price favorably with the Agnico estimates.

While not relevant to this discussion, I think that we have not given adequate reflection to Chavez's power. He was given the right to act by decree for 18 months commencing Feb 1, 2007. He has approximately 5 months left before power is restored to the National Assembly. Keep in mind that the Assembly was stacked by Chavez supporters because the opposition boycotted the 2005 elections. As conditions deteriorate despite Oil revenue, as Chavez's power diminishes (see Constitution debacle), as the power of the opposition grows, and as the call for a permit reaches a crescendo, the likelihood of Chavez acquiescing to the permit or leaving it to the Assembly grows exponentially.

All of this, of course, just IMHO