One last thought on the value of PEM's shares vis-a-vis the value of all the timber on their 23 mile long by 6 mile wide property. I think the trees could (as in maybe) be worth more than the current market cap of PEM. I think what James was trying to show was that PEM, as a company, and in it's share price, is being valued right now for about as much as the trees are worth on a property of about 130 square miles or about 200 square km (+or-). If one calculates the above to be somewhat close to being realistic, then one could say that the gold under all those trees isn't accounted for in the market cap or share price. Just another way of saying that PEM is worth a whole lot more per share than it's current price, I think.