Fundamentally the same thing. Took the sharepice and multiplied it by shares outstanding - this is equal to Market Capitalization.

As I said earlier, this 'basic' formula was how Bill Cara arrived at his $11.50 number way back when.

Going through the excercise, it was nice to see that even with the dilution, we still should see a very positive ending.

As previously stated, nothing has changed, it is all dependent on the permit and getting this mine into production.