glorieux -

A very technical post but I think that I get the idea. In-situ model works best for putting a valuation on Zenyatta because so much information about the resource has yet to be revealed.

What I take away is that at the current share price ($2.00) we are fairly valued for the most conservative in-suti model (C1). As the numbers come in from drilling we should be able to move up from that base.

How high we go will depend on the drill results - not on our expectations. The market (and its participants) can move the price around a little bit but in the end the size of the resource (and the other factors mentioned in the post) will determine the ultimate share price.

I do still hope it's a (really) big one.

- panamax