Hola Hola,

My first job as a geologist was in Boinas-El Valle-Carles in 1987 previously to Rio Narcea Gold Mines, the former owner of the property. RNGM acquired the property from Anglo American, and their shares (some 60M shares outstanding), went from less than 0.5$ up to 6.25$ during the exploration stage, previously to start production. That was an open pit operation with a huge stripping ratio of above 26 to 1 and by then, the resources were less than 1M ounces and gold price was around 370$. The point is that the potential of this deposit was huge due to the high grade zones that were increasing rapidly the resources and that were encouraging investors. There was a high grade zone (Charnela Zone, more than 200.000 Oz) that was discovered after the feasibility study. The results of the drilling campaigns that KNB carried out during the past years increased the former resources and have proved that there is still good potential to find more high grade ore. I certainly do not want to sell something that I do not know how big it is and remember than the market had already valuated KNB at 1.1$, previously to the PreFeas. Study. Ideally, I would prefer a merge with a mining company, with mining experience and financing capacity, at least we still would be in the game. However, to answer your question I would have found a fair offer some above 1.1$. I do not see currently at 0.75$, much "premium" for the guys that bought at that price.

Best regards