Below is an excerpt from page 42 of the “GRC” website, posted April 7, 2011.

Titled: “Investors & Media”-- “Corporate Presentation”

"April 2011 independent research valuations of GRC’s 30% carried interest in Hardrock ranged from $173 million to $216 million…multiples higher than the Company’s current market capitalization.

Market is sharply discounting value of J/V, giving negative value to Beardmore resources, the potential of other properties and the upgraded mill.

If you prefer, a 1.8 million-oz (and growing) resource can be purchased for less than half of its most conservative valuation—everything else is free. "

---- Information on Brookbank (100%):

"Production over 9.1 yrs≈600,000 oz
Mill expanded to 750 Tpd
Projected Payback=2.4 years
Potentially ads $1.10 to 1.80 to the share value, assuming gold at US$1,200/ oz
Plan to extend production life with other Beardmore resources” -- See page 32.“------.”