From your post Eric:

Menu 3: "Blue Sky" (5-course specially selected menu)

Starter: Timmins tonnage target (depth 1000m) : 100 Mt

Greeting from the Chef: Tonnage from Beland, Laval´s Mountain, Sugar Bush (unknown)

Main Course: $ 75 / oz. (industry in-situ average)

Sorbet: Other GNH Beauce multi-mineral properties with known potential (FSG, Lafayette, Riviere des Plantes, Chute du Bras, Riviere du Cinq, Moose Cliff, St. Luc, Talon Ste. Lucie ...)

Desert: 3 gpt (closer to bulk sampling results = 9.375 M oz.)

Price: $ 5,41 / share (plus "blue sky" topping = additional tonnage from SGH anomalies, other properties and higher price per oz. due to deposit in Quebec, all NOT factored in)

The "Blue Sky" title is not really a good title IMO even though that SP seems very high at this time. Your starter of 100Mt to a depth of 1000m is the company's stated target. A target set by James Tilsley, a man known to be conservative by nature. He told me at the site visit that they should be well above the 100M tons by Christmas if things prove out like he believes. So, we need lots of work to prove this up but this number is what I am working with.

Desert: 3gpt will be hard to prove out by drilling with the nugget effect. If we show this to be the average by drilling, that means we probably have 4-5g/t but I am more expecting the drill to show us 2g/t which historically has been the case. The question is how will the market understand the nugget effect and give us credit for it over the drill average. In our ideal world, we would see a multiplier of 1.5 times the drill average but I do not believe the market will be so generous. We will be lucky to get 1.25 as a multiplier for 2.5g/t average. So...

#of ounces=100 000 000 * 2.5g/t / 31g/ounces

=8M ounce @ $77 per ounce for 620M MC

Over 150M share float f/d gives us $4.14

These are the numbers I am working with but as Twillight points out, I am an eternal optimist so do your own DD.

Glorieux