HIGH-GRADE NI-CU-PT-PD-ZN-CR-AU-V-TI DISCOVERIES IN THE "RING OF FIRE"

NI 43-101 Update (September 2012): 11.1 Mt @ 1.68% Ni, 0.87% Cu, 0.89 gpt Pt and 3.09 gpt Pd and 0.18 gpt Au (Proven & Probable Reserves) / 8.9 Mt @ 1.10% Ni, 1.14% Cu, 1.16 gpt Pt and 3.49 gpt Pd and 0.30 gpt Au (Inferred Resource)

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Message: glorieux - valuation and other stuff

Milsy and to the rest of the group - what happens if NOT decides to mine it themselves? What kind of valuation should be placed in lieu of the 40% in-situ?

Not sure what the cost of a mine and road will end up being, plus the overhead of the operation for years of production, but if we look at straight math, if the cost aspect of it is equals to $2B and we have $7B in the ground, is it fair that the stock today is worth

$5B/135 million shares = $37.04?....how do mining companies that are producing get evaluated?

This might be a bit hard to answer, but with rumblings of RN new vision, can the above scenario become a reality?

Either way, it will be a very special day once we have $7B in the ground...I have a feeling it will be more.

Thanks - Toohot

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