If the mine was in production, then $200 per reserve ounce would be exceeding conservative (I would guess @ least $300, maybe closer to $400), particularly with gold @ $900+ per ounce and expected to rise substantially. ~20M oz, ~300M shares, we can all do the math. We are all always trying to guess where pps will be after permit, political risk still there (though probably significantly abated) and ~2 yrs from production. A lot higher than where we are today IMO.