I don't value PEM by the new NI 43-101 resource. That's just the beginning of the story. Phase IV will not give an accurate resource due to the large area targeted. It will require considerable infill in phase V. Once the warrants are all exercised (by December), there will be another 12 million for further drilling.

When phase V is completed and included in a resource estimate we will be in a different league. (Likely the second half of 2012).

As you can see, I'm a Long.

As for an answer to your question, I think the market should place a value of $1.75 today as they should place some value on the entire 30km. I really don't think Del would sell PEM for that !!!!!