With all due respect, I believe are SP does not even reflect E1. When E1 gets it's 43-101, from my DD, I believe it will come in around 4.5B dollars worth. At a 20% in Situe value this would give us a market cap of 900M which we do not have at this time. The 20% number assumes we have a mine. This is were DD makes a difference. If your DD leads you to believe a mine will happen, then you will use 20%. If your DD says the risk is still too big to assume a mine, then the standard 10 gmv would be used.

Again, that 10% gmv would yield a MC of 450M leaving us 135M$ MC (or 1$ per share) for E2, Windfall, etc and the huge land mass we have acquired in the ROF. John is just giving his guesstimates which are very valued here as anyone can tell. His motives are never questionned however other poster's should have their motives questionned. The most important point to make is that E2 and possibly At3 will be adding tonnage and this continues to increase the likelyhood of a mine. Once games stop being played (and serious games are being played with our beloved NOT) and a mine is a forgone conclusion, the valuation of this company will rise by 100's of millions.

Long on NOT,

Glorieux