The August 20, 2010, RBC Research Report on “PG” values the Hardrock Property at approx $450 million (3 million ounces at $150 per ounce in the ground).

GRC's 30% share of Hardrock is valued at $150 million.

GRC has approx 800,000 ounces at Brookbank at $150 per ounce = $120 million.

GRC should be valued at $270 million based on the gold in the ground. Add the mill, the other properties, + cash; GRC should have a market cap of approx $300 million.

Based on the RBC Research Report “GRC” is trading at a huge discount to book value.