I guess that's possible. However, if you look across yesterday's financials, you'll note that there is more than 6 million in the bank. If share price is .16 then cap is only about 9 million.

So ask yourself if there's more than 3 million in property and capital equiptment sitting there. Consider than right now the official resource estimate is about 350,000 ounces but it is probably more like 1/2 million now and probably higher by the next official estimate, which should be out by the fall. Even if you only value that gold at $10.00 in the ground, that's $5 Million.

So I think it's more likely that the opposite is true and that the properties are worth more than they are on paper.

Things like capital equipment have all been valued with a fair amount of depreciation, which they'd obviously do for accounting purposes. On paper the assets total $15,000,000 ish....