Interesting:
$26.8mm (undiluted capital) / 800,000 ozs. = $33.50 per ounce
$32.8mm (fully-diluted market cap) / 800,000 ozs. = $41 per ounce
Mega Precious Metals (MGP.V) is trading at a $37mm market cap on 1,500,000 ounces in the Red Lake Camp.
$37mm (fully-diluted) / 1,500,000 ozs. = $24.66 per ounce
This is how the bigger institutions value junior developers so that is a far cry from the $68.00 per ounce that we traded at when the financing was announced at $.40.
What has happened is that this lousy market has taken away the "Blue-sky" premium that was being assigned to the "next Hollinger-McIntyre-Conorarium Complex" leaving only the in situ valuation metric.
Important: The value-per-ounce universe is down from over $100 in Feb 2011 so that tells you how "challenged" this market is...If you believe the junior gold markets close to a turn (in terms of per ounce valuation), this is where you start throwing in some bids.
