"In your assessment of Liberty Mines valuation you have used the most dire of scenarios to value LIberty's assets.  That was not a realistic assessment."

Be careful to separate my justification for the share price based on market fundamentals with my own optimistic view of the company.  If I didn't think Liberty was worth the investment at the current share price, I wouldn't have bought it in the first place.  I appreciate your passion for the company, and I share it as well, but I am not afraid to look at LBE through a critical eye and appreciate some of the dynamics at place which are keeping our share price in the range it is currently trading.  I am invested long term in LBE and have no plans for selling, so rest assured that my personal valuation of the company is well more than what the market is currently valuing it to be.

On another note... does your estimate of $4/lb production costs include mill costs, refining costs and drawdown of deferred exploration expenses?  I have figured our true production costs to be more in the $7-$9/lb range.  I'd like to know what you have calculated your $4/lb figure from (because I will be pleasantly surprised if this is all it costs us).  At any rate, we should know in a couple of weeks what our Q4 costs were and have a better idea what our production costs will be going forward.