Market valuation means the value of NOT's found resources is equal to the resource estimate at current market prices less the present value of expected costs of mining it. There are no assumptions made in this model except to determine present value of costs - which at this point is very difficult.

There is never a gurantee that the market price of any stock at any time is its intrinsic value (unless you believe that the market is efficient). Since all of you are invested in small-cap firms and not an index you probably agree that profit can be made by valuing a stock and then buying it if your model says to. Hopefully at some point the intrinsic value will reveal itself.

As more of the uncertain costs become known - NOT's value will increase quickly. I call this point "The BIG BANG theory".

Eagle value: $7B less "how much costs?" less "profit for takeover company" equals "our price".

Aside: Many of you probably think that my previous posts about not discounting for time-value and risk is naive. I understand those types of models quite well, and understand your arguments, however using market pricing where possible is a more sophisticated technique (you need less arbitrary assumptions as the market has already set them). If there is anyone out there who wants some background on this theory of valuation for mines, I can provide some references from published financial textbooks - just PM me.