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From: sageyrain11/6/2006 1:00:56 PM
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< pre>. I can't seem to get this to work correctly. I posted the info below with a table by cutting and pasting excel worksheet data into a wordpad doc with < pre> before the table and < /pre> after (spaces taken out), but it still is partially scrambled when I post it. Any suggestions appreciated.

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How is the market valuing ounces in the ground? I took most of the companies from Dara's most recent Finding Barrick's list, and ran some numbers. Likely there
are some mistakes and outdated #'s as this has been done cursorily, and I am not very familiar with most of these cos. I left off anything more complex than
Au +/- Ag +/- Cu resources. I think the numbers are all in Canuckian $'s. Pure Au resource values per ounce are figured after estimated cash balance was
subtracted out. Au values in Au +/- Cu +/- Ag resources were figured by subtracting out estimated cash balance and in-situ value of Cu (0.40/pound) and Ag ($2/oz)
and in a second case without subtracting out the Ag and/or Cu value (No value assigned to Ag or Cu).

Some of the results appear to be out of whack, for instance the very high values given to Osisko, Miniere du Nord. Etruscan is high but they are also producing.
I would guess that there are more ounces indicated then I have found in the websites. Some of these look unusually low, like Mundoro and Kimber. Others appear
to assign little value to the Ag or Cu, such as Metallica, Metallic Ventures and Gold Reserve. If I haven't made significant mistakes in these, and barring
company specific negative circumstances, they might represent value? Others will know much more about these cases than I do.


	Recent 	cash	Shares	Resource	Resource	Resource	Au valuation	Au valuation	   
share price diluted Oz Au Oz Ag lbs. Cu C$/oz C$/oz
(millions) (millions) (millions) (millions) (millions) w/ Ag/Cu w/o Ag/Cu
backed out backed out

Anatolia Minerals ANO.TO 3.33 14 70 5.4 40.6
Axmin AXM.V 0.86 6 177 3 48.7
Ballarat Goldfields BLRTF.PK 0.23 9.2 1200 2 133.4
Banro BAA.TO 16.31 60 42.3 10.6 59.4
Bendigo BGOMF.PK 0.62 27 432 11.2 21.5
Comaplex CMF.TO 3.06 6 40 3.1 36.5
Crystallex KRY 2.8 15 259 31 22.9
Cumberland Gold CLG.TO 5.44 28 61 7.7 39.5
Dynasty Metals & Mining DMM.V 5.99 7 28 4.6 20 26.2 36
Etruscan EET.TO 3.9 27 116.3 1.5 284.4
European Minerals EPM.TO 0.86 62 416 3.8 269 50.0 94
Gabriel GBU.TO 4.8 30 146 3.8 68 49.0 60
Gold Reserve GRZ.TO 5.03 34 95 10.1 1290 -32.0 22
Great Basin GBG.TO 2.01 37 115 10 5 18.0
Greystar Resources GSL.TO 10.7 30 30 11 48 29.4 41
International Minerals IMZ.TO 5.25 5.6 5.6 5 4.6 103.1
Kimber Resources KBR.TO 2.56 14 14 1.4 53 9.4 95
Kirkland Lake Gold KGI.TO 8.9 5 5 2.2 204.0
Lake Shore Gold LSG.TO 1.48 17 17 1.4 93.3
Linear Gold LRR.TO 6.03 11 11 1.7 6.7 70.8
Metallic Ventures MVG.TO 1.9 17 17 6.8 14.1
Metallica Resources MR.TO 4.09 30 30 5.7 130 -118.7 73
Minefinders MFL.TO 8.85 94 94 5.2 250 2000 -26.8 87
Miramar Mining MAE.TO 5.54 140 140 9 126.0
Moto Gold Mines MGL.TO 6.7 55 55 9.5 43.7
Mundoro Mining MUN.TO 1.89 18 18 9.5 7.6
Minieres du Nord MDN.TO 0.72 0.3 0.3 0.3 253.2
Ore Zone OZN.TO 1.59 25 25 3.4 50.6
Osisko OSK.V 6.6 6 6 0.52 805.8
Seabridge SEA.V 15.17 6 6 18 2442 -24.5 30
Stratagold SGV.TO 1.02 14 14 2.4 49.0
Western Goldfields WGDF.OB 1.48 7.9 7.9 7.2 22.0
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