Perhaps this company should be reveiwed once again in relation to our moly. They are mentioned in the analyst report of SLI in 2010. Also to note, the analyst used a reserve of gold ounces for SLI then of over 3 million ounces. ;)

Rating: Speculative Buy Market price (6/15/10) $ 1.40 Target Price $ 2.70 (18+ months) Statistics (As of Feb 28,10 except where noted) Symbol / Exchange SLI / TSX-V 52 Week Low/High 0.11 / 2.40 Adanac Molybdenum (TSX:AUA) 660,000 Market Cap (6/15/10) $ 128,566,241 Shares Outstanding 91,833,029 Cash $ 599,000 Assets $ 1,415,000 LT Debt $ - Equity $ 1,379,000 Book Value/share $ 0.02 Last Twelve Months Revenue $ - Cash Used in Operations -$ 1,322,000 EPS -$ 0.045 - source: CapitalIQ and company filings Key Estimates Net Asset Value per shr (NAVPS) $ 2.16 Gold Reserve Est. (oz) ^ 3,179,196 ^ see Reserve Extrapolation Methodology on pg.3 of this report for details Price History source: Capital IQ Avg. Resource Grade (g/T) 29 Molybdenum Resource Est.(lbs) 14,709,055 FD Shares Out. (at 03/31/10)* $ 111,086,839 * reflects warrant exercise, and equity capital raise of $2.4M @ $1.15/shr - source: management guidance and GS estimates Valuation Price / NAVPS Est. 0.65 Current Discount to NAVPS 35% Market Cap / Gold Resource Est. 40.4 Contact Analyst Certification Robert Fagan Senior Research Analyst [email protected] www.glucksteinsilverspoon.com Company Website: http://www.steliasmines.com J

http://www.marketwired.com/press-release/adanac-molybdenum-corporation-shareholder-update-tsx-venture-aua-1994139.htm

 St. Elias Mines Ltd. (SLI), a development stage company, is engaged in the acquisition, exploration, and development of natural resource properties for sale in B.C, Canada and Peru. It primarily explores for gold and silver ores. SLI's primary strategy is to acquire under-explored mineral resource assets, and to work to prove up reserves to prepare for eventual sale, or optioning of their proportional interest. SLI intends on proceeding with its objective of making a new discovery and although the company presently receives gold as a by-product of exploration, the company does not plan to engage in significant mining operations. SLI's flagship project is the 100% owned Tesoro Gold Property in the resource rich Nazca-Ocoña region of southern Peru.  Our investment rationale for SLI is based on the stock's significant 35% discount to our current Net Asset Value per share (NAVPS) estimate, and the attractive return potential relative to our target price of $2.70. Our NAVPS estimate for SLI represents the value we believe could be un-locked if the company's combined gold resources were to be acquired by larger competitors under current gold market conditions. With zero net-debt, SLI currently enjoys a leverage-free capital structure, and has been able to advance its exploration program at relatively low cash costs; primarily funding activities through the sale of common stock. In the current quarter, SLI was successful in raising $10M through private placements at a weighted average price of $1.43/share. As a result, we believe the company should be adequately capitalized to implement its planned 10,000 m drilling program on several priority targets within its Tesoro Gold Property.  Our current price target for SLI is $2.70 representing 1.25x our NAVPS estimate of $2.16/share. Our NAVPS estimate is based on management's and our own estimates and assumptions regarding each of the company's projects' potential gold reserves, combined with market-based valuation multiples derived from recent acquisition transactions of mining interests by producing majors. We incorporate an estimate of fully diluted shares outstanding of $111,086,839 to account for potential future equity issuance to fund SLI's continued exploration & administrative costs. Weighing SLI's significant gold resource potential and relatively low financial risk profile, against the company's early stage of development and lack of revenues or operations, we rate St. Elias Mines Speculative Buy. The price targets presented in this report are based explicitly on a significant number of management’s and our own estimates and assumptions. Make sure to review the "Risk Factors to Price Target" section at the end of this report, as there can be no assurance that our price targets will be met, or whether the assumptions/ estimates regarding actual business outcomes will materialize.

http://www.steliasmines.com/storage/news_releases/SLI%20Analyst%20Report%20-%20June%2022,10.pdf

http://www.steliasmines.com/