geoglow,

Great points, love the exchange! Yes NAV is a good way to establish value of a natural resource co.. Some of the recent gold mining co. takeovers are going for 25 or 30% of NAV. i e Yamana's last. That one was about $200 p/istu oz.

 Keep in mind, the co. has done quite a bit of geologic work on these pipes they won't discuss because they believe they discovered proceesses that others don't know about or havn't tried. Therefore their "hit rate" on these pipes should be higher than just a hit or miss approach.

skys