Hi Rundle,

I believe the question you are asking is a little tricky. The most important question in valuation at this point is wether a mine can be justified. Tonnage of course needs to be proven higher for this. However, once you as an investor, turn the corner and believe a mine will exist, the valuation models changes drastically. We go from a 10% valuation which is what the market is currently giving us to anywhere from 20 to 40% and that is why I feel that the share price is going to be going much higher very soon. We know the expertise of Neil Novak in identifying massive sulfides bearing Pendlantite crystals (Do not forget they got prof Mungar, in the middle of winter, to fly up there to look at the cores from DE2) but the market is not going to jump in on visuals. Once the assays confirm that DE2 is similar in value per ton to DE1, then the market will react appropriatly I believe. At 20% valuation, DE1 would be worth 860M just by itself. At 40%, it would be worth 1.72B by itself. Now once you add this valuation model to the fact that we do have a DE2 with similar mineralization, (size will require more drilling but the fact that a second deposit out of 2 anomalies drilled returned high grade nickel our market cap should jump to 1.5B or $12 per share minimum. This is giving our second anomaly a market cap of 430M and 200M for blue sky of other anomalies, conduits, Windfall (Gold over $1000) etc...so once we make the jump to a mine there will be, we are seriously undervalued. I have seen better models out there but they all seem to point to the over 12$ mark as well. Open for discussion of course.

Glorieux