Kinross just paid $368 MIL for a gold property in Russia.

Here's the link:

http://www.earthtimes.org/articles/show/kinross-to-acquire-high-grade-deposit-near-kupol-mine,1128541.shtml

Now here is my post on the subject copied from the other board:

Ok... so doing the math on the Kinross Acquisition...

They paid $368 million $US for a 3.5 - 3.9 million tonne deposit @ 17 -19 g/tonne Au.

Using the averages of 3.75 million tonnes, and 18g/tonne gold, I get 2.17 Million ounces of gold. Not too shabby.

Further doing the math, I get a takeover value of $170 per Oz. for a gold property "located approximately 90 km north of Kinross' Kupol operation in the Chukotka region of the Russian Far East. "


How much value is there in a Candian gold property located 6 miles from a Kinross mill?

Ahhh screw it, let's just use the Russian-Stan value of $170/oz. Although the only resource estimate ever done on our property was done in 1998, at 500,000oz's, with the further $9 MIL in drilling spent, plugging in tonnage calculations points to a lower side estimate of 1.5 MIL oz's . Of which we own 20%, or 300,000oz's.

300,000 x $170 oz 's = $51 MILLION. Now with approximately 59 million shares outstanding, Kinross has inadvertantly given us a value of $.86 cents per share.

Hell, let's get even more stupid and say there's only a million oz's total on our property - simple tonnage calculations and mathematics say otherwise, but let's just lowball it just for $hits and giggles.

In the lowest of lowballs I can possibly compute, I still get .58 cents per share. We are trading at .215 now.

So, do you see why I am slowly picking away, day in and day out down here?

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Looks good for us, IMO.