While we ait for the next release and the PEA I was looking at the latest financial for Hudbay. They operate several hard rock mines - nickel, copper, etc.

For the year ended Dec 31st 2014 they had:

Revenue: $559 Million

Mine Costs: $404 Million

Gross Profit: $155 Million

They have about 210 million shares out at a current price of just under $10, market cap of $2 Billion. The Gross Profit is $.74 per share

This is a long standing successful mining Company, built up over many years. Ken Stowe is a director of Hudbay.

Now, using some numbers we have thrown about here and yes this is not apples to apples but you will get the picture.

Possible ZEN mine :

Revenue: $500 Million

Mine Costs: $100 Million

Gross Profit: $400 Million

60 million shares outstanding (just using today's figure for example purposes). Gross Profit would be $6.67 per share.

If Hudbay was operating just Albany today, with 210 million shares out and the same gross profit valuation the stock would be 2.58 times it's current value or about $25.

This is why when people say 'why would someone buy this for $10+ dollars per share", they really should be asking 'why would the BOD sell this for less than that'?