ElPrimero,

Another way to look at the potential SP would be

- the 1-yr SP chart has a hi of $2.70 and we have been sliding to below $1.00, and just started climbing up to $1.59 today (not bad a recovery so far). During the past year PRB has shown it has a potential resource of about 6 Moz and heading toward the 10 Moz within another year or two. So, let start with a minimum of $2.70 (= x 1.7)

- Take the last deal, PDG @ $57/oz: 57 x 6 M = $342 M (342/100 today Market Cap = x 3.4).

- Let throw in McFauld's BC holdings, say $120M plus minus, (342 +120)/100 = x 4.6)

- 5% Goldex royalty: ?

- increased resource (from 6 Moz to ~10 Moz): ?

- increased POG: ?

I would leave the last 3 for others to roll the dice, but your 5-bagger (of about $8) is not unreasonable.

goldhunter