I like your numbers and I feel we should be somewhere between the 200 and 250 per ounce insitu value.  There are too many variables that I can't put a figure on now .

 As I have said before I would take 1/2 of a share of AEM right now for my shares of ARU ( $ 28 to $ 30 US).....that is because I think AEM is a great stock with great forward growth and if they don't buy something soon they will be grabbed up by the bigger fish .  I also would keep the AEM shares ( while I would dump ABX or NEM) so I could watch and participate in the development of FDN.

all just my opinion...