Dogger... I'd love $10 - $15 a share. But with a 75% Tck earn in... leaves CUU with 1/4 ownership of the deposit.

400M shares X $10-$15/share = $4 to $6B for 1/4 of the deposit. Are you anticipating that the deposit's NPV is $16-$24B?

I've run the numbers (grades, metal recoveries, metal sales costs, 1.75gpt Ag, 2011 RE metal values, 8% discounted, etc etc) and I can't get above $4.1B NPV over the 25 yr mine life. That is before considering CUU would only own 25% of the mine after.

The exploration properties add a bit to this but consider what we paid for them and the limited amount of exploration. I would say a 25% to 50% premium over what we paid for the M&M properties.

My bottom estimate for a buyout is in the range of $3.

The next series of drill results could change the equation. A lot of metal could be put into the 'inferred' (a bit of value) and I think the M&I will be boosted quite a bit since a lot of the 2011 drills are quite close to one another.

Elmer's starter pit is also a wildcard that could change the ecomonics and boost the value of the mine & CUU.

I think a lot of people are pulling numbers out of the air and then jealously defending them. The lbs in the ground are one thing. The time and cost to extract them make those in situ numbers a lot smaller.

example of NPV....

With the 2011 RE values and prices etc etc for the main pit, I estimate that the yearly net income before taxes is $643,220,641 (i.e. income in yr 1).

The NPV of $643,220,641 after 23 yrs at 8% is only $109,550,306 (17.0%). After 40 yrs, the $643M becomes $29,608,046 (4.6%). Another 10 yrs (50 yrs from now), $643M becomes $13,714,254 (2.1%). The mine after 50 yrs or so becomes 'valueless' at 8% discount.

dyodd

Chappy