Are you stating one can value resources ( which havent been upgraded to reserves) without knowledge of costs to extract, recovery rates, capital investment required,NPV or IRR ? (Let alone copy of the NI43-101 report).
I have to check but I think in Canada home of the NI43-101 exchange frowns ( like SEC) on estimating values by "metal in the ground" for the very reasons noted above.
However certainly the historical reports indicate all sorts of potential !
Main immediate value IMO is the control they have on the mill, and that they are slowly winding there way through the permitting process. CFO last year generated enough cash to cover negative operating cash flow of some $400,000, one has to believe that with progress on the mill at the least he can generate sufficient convertible financing to do the same. Pretty gutsy for him to have control of voting stock, a second mortgage on mill in his name if I understand, do a 5000 to 1 reverse split, and stil have stockholder support.But he certainly has incentive to perform and ability to evdiently instill confidence in stockholders regardless of company's track record.
IMO if he does pull this off stock could deliver superlative speculative returns.
