At the current mill operating capacity of 1,100 tpd and assuming:-

- 300 working days

- 3.5gt for Barry

- 94% recovery

then Barry annual production is 1,100 x 300 x 3.5gt x 94% = 1,085.7 kg = 23,885 lbs = 38,216 oz gold.

If grade were to average 5.5gt with 70% Bachelor Lake production from Aug 2010, then this would represent an annual production of 60,054 oz.

The valuation model, at today's cap of about $75m, based on market cap / production oz would therefore give $1,248 cap per oz of production. This is far lower then comparable producer.