Bobby I've sliced and diced this a couple of ways using 1% - 2% of moly price or $1.50 (as Tom would recommend). Both, of course, account for cost of mine, recovery rate, expenses etc... And... these are both very conservative IMHO.

From the valuation NR we have

lbs in ground = 655M (347.6M lbs @ 0.067, 307.7M obls @ 0.063)

Using Mo price @ $32/lb and outstanding shares @ 40M

$ in ground @ 1% = 0.32 * 665M = $209M

target price = $209M/40M = $5.23/sh

$ in ground @ $1.50 = $928.5M

Target price = $928.5M/40M = $23.21/sh

Another way to do this is just using the high-grade numbers

288.8Mlbs @ 0.1% Mo (131M lb @ 0.104% and 97.8M lbs @ 0.1%)

$ in ground @ $1.50 = $1.50 * 228.8M = $433.2M

Target price = $433.2M/40M = $10.83/sh

So anyway I calc' it... you get 5x to 10x bagger... Tom would tell you $8.00 is a fair number without further drill results... so your calcs fall in line with these. The only question is whether the market or potential buyer agrees with us!

mz