Be a bit careful here because Voisey Bay grade was average on the total reserve calculations. One can be certain that within that tonnage was some high grade stuff. Eagle 1 at this point can come close to figuring out tonnage potential let alone an average grade.

It very hard to put any kind of value on Eagle 1 based on proven facts and that's why the current trading price has to be considered to have a $2 (maybe tad more) speculative premium built in. When more results come in then I personally would add the value established into the $2 figure and dump more onto the speculative value.

 For example if 12 more holes can give an 80% positive idea of tonnage then we could add in a value, in ground, of say $3 (just a figure mind you). Add the $3 to $2 intrinsic value to get $5 and now add in another $3 for speculation that more will come. 

 It's just another way of looking at potential. Poke some more holes and it's pretty likely we'll be seeing NOT over $5 (probably $6) and then throw in potential for more news and some back of the envelope calculations and we'll see over $10.  To get much over that we'll have to wait for some confirmed value estimation and that won't be coming until well into 2008.

 Just my opinion. But I'm not a day trader or speculator and those guys might be willing to bid Noront up far higher than I would.