Hydrocarbon,

correct, my scenario is my understanding of the DCF method. I have not seen any good info on the mechanics of the RO analysis method. From what I can undertand that it is a model of models; that is, a number of models (metal prices over LOM, fuel prices?, fluctuating production levels? Stockpiling?) spit out information into a central computer model for the final calculation.

The RO method appears to be the cutting edge method and I think is beyond most folks comprehension.

I don't want to get down to the last few cents. I just want some robust, ball-park figures that tell me where the risk and reasonable upside is located. I also dont' want to become a CA!

I take the RO method as a bonus to my assumptions. It gives value to the mine below 300-500m where the DCF does little.

Galore: "The RO analysis yields an after-tax NPV for the Project of $811 million versus $137 million (NPV7%) as determined with the DCF method."

Obviously, the RO method did wonders for the Galore project (over 5X's the DCF value!). With our massive grades at depth, I think we should do similarly well with this method.

I hope the Galore sale goes thru soon to get an idea of what the market thinks.