For the amount of ore out they hope to find, it really depends if this turns out to be a VMS camp or not. It sounds like they have a 3 to 5 million deposit right now. If it's a VMS camp commensurate with the strong anomalies they've found, I think we may be looking at a 15-20 million deposit at Reed Lake (all deposits). This could therefore be a monster deposit.

This seems reasonable as VMS Ventures has always said they are looking for multiple 5 million tonne targets for copper-zinc deposits. If they can validate their methodology at Reed Lake and then replicate on their other properities, we could potentially have another HudBay Minerals on our hands.

Evergreen's assessment was that if they had about a 4.5 million deposit for all their properties (not just Reed Lake) then their target price was $2/share, but that was before the market nosedived. If this turns out to be a VMS camp at Reed Lake, I think we are looking at a $3 to $5 stock assuming some further dilution in share price. If we can replicate the methodology on the other properities, I don't think $10 is out of the question. If the methodology leads us astray, then I think the worst case is $0.50 to $1.00 long term.

All it will take to prove Reed Lake is a VMS camp is to have one or two holes that intersect minearlization (pictures would be fine to release rather than waiting for drill results) and we're off to the races.