How much is this company worth at 200k per year production? More than $2.85 I would think....

From my cash flow model. Gold $950US. $CD/$US $0.92. ~40,000 oz this year ramping up to around 235k oz in 2012:

NPV/Share CD$
$2.80 15% DR
$4.42 10% DR
$6.09 7% DR
$7.74 5% DR

Looks like the market is pricing in around a 15% discount rate, probably waiting for confirmation of production/cash flow.