Mikxx, you are correct, but there is a reason for that. Below is an excerpt of a past post from BOW2U that explains the numbers. Note the 68% scaling factor that was used - this was taken from a Gluckstein and Silverspoon analyst report. We do not know where G&S go this scaling factor from, but BOW used it in the interests of staying conservative. Thx, JSS.

A X B X C X D X E

A = Volume of the 1 anomally in Million M3 (1800M X 1700M X 1300M) = 3978 Million M3

B = Density of host rock (quartz) usually use 2.7 T/M3 we use 2.5 T/M3

C = Scaling Factor: we will scale our numbers by 68% (so we'll multiply the total by .32)

D = Grams per T estimate (the bulk samples averaged 29 g/T, however, we'll use only 1 g/T)

E = 1OZ/31.1g (there is 31.1 grams in a troy OZ of Gold)

The Result of Gold Estimate, using only 1 anomally, scaled by 68%, and only 1g/T:

3978MM3 X 2.5T/M3 X .32 X 1g/T X 1OZ/31.1g = 102 Million OZ

So, that would then work out to an estimated speculative share price of:

102 Million OZ X $150 per OZ in the ground divided by 134 Million FD O/S shares

SP = $114 per share