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.

That is exactly right Panamax. My method using NPV is not the best model to use in a situation like this where we still have so much unknown. However, I found it interersting that my calculations for NPV yielded very similar results to In Situ model valuation.

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.

That is how I see it also. The downside here is minimal and the upside still huge IMO. The tonnage calculations that LTgoldbull2 did show that we should have very little difficulty reaching 10M tons of this very valuable ore. So expanding on this conservative model should not be difficult.

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.

Bang on again. A few good drill holes will go a long way in reducing what I see as our main concern. A higher (maybe much higher) share price should follow quickly just like the purity results did.

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

- panamax

Glorieux