CRJ produced 49,750 oz in 2012 . . . not 60,000.  Mgnt has stated 10% annual production growth is possible at Seabee to maybe 100,000 oz per annum in a few years with very reasonable additional capital required.  I am looking forward to production from the Gap and cost improvements provided by the deepened shaft.  If cost inflation is benign in 2013, CRJ's stock should do very well.  CRJ is one of the few producers that came close to achieving their guidance last year.

Maybe Madsen and Amisk will be very valueable if gold moves higher, but investors aren't attributing much value to advanced exploration or development projects these days.

Just my thoughts,