Mostly: Classical

[amarksp]

EDV.to Share Price to NAV



Share price increase from C$2.81 to C$3.13 in August=11.4%
NAV increase from C$4.69 to C$5.04 in August=7.5%
Discount decreased from 40.1% to 37.9% in August
http://www.endeavourminingcapital.com/nav.php

Estimates on September 2005 EDV performance:
Using S&P/TSX CAPPED GOLD INDEX (^SPTTGD) as a proxy for September performance, ^SPTTGD has increased from 199.3 as of Aug 31 to 225.92 as of 9/16/05 = 13.3%
Implied NAV of EDV as of 9/16/05 = C$5.04*1.133 = C$5.71

EDV.to share price has increased from C$3.13 to C$3.62 = 15.6%
Implied NAV discount to current share price = C$3.62 vs C$5.71 = 36.6%

If investor sentiment improves, believe the discount to NAV will continue to decrease to under 20%, as was the case from November 2003 to February 2004. Discount is currently trending down since May 2005 when it reached 44.6% and has historically trended down in 4Q.

Assuming C$5.71 is accurate NAV as of 9/16/05 and is maintained, then reduction of EDV discount alone implies target price of (C$5.71 less 20% discount)=C$4.57