Let's assume that as per Richard's interview the other day, Noront does in fact prove up an additional 12 E1's.

At that point in time, the majors will definitely be sniffing around and nobody will be able to argue that a minimum 30% in situ value will be utilized.

To be conservative, lets assume that each of these 12 deposits are only 4.0 million tonnes and the GMV per tonne is roughly half that of E1's $800.00.

Therefore, we have:

12 X 4.0 = 48.0 Mt X $400.00 = $19,200,000,000

$19,200,000,000 X .30 = $5,760,000 / 135MM shares = $42.67

Now, all that we have to do is find those other 10 deposits. I for one can wait.

Longer than ever!

Cheers,

Milsy1