Very interesting account, thanks to both of you.

I doubt Maher would pull $15 out of the air for no reason. It's in his mind because it means something. It's probably also considered by him to be an above-the-odds offer, so maybe he thinks KXL is worth $12. now. If the find a lot more, then the price changes.

93 million shares x $15 is $1.4 billion project market cap, and if early-exploration gold is worth $100 per ounce in the ground (more once the ore body is defined), then there is an implied guesstimate of 14 million ounces.

Any of these figures (except the no. of shares) could be off by a factor of 2 or 3, but it's a ballpark to be thinking in.

He sure didn't think $5/sh with a "nice offer" of $8, so that's a good thing. I think.

It kind of implies that KXL could hit $10 easily, and a good deal more if the results are good. But I agree with other posters - it will take some months to figure out what we have / cedartree