In my opinion, 12-18 months from now were going to see a $10-12 sp range, with a 1.5-2% dividend.

A $10 sp would be less then a 500 million market cap.

With shares fully diluted at 48, 534 183, a .20 yearly dividend would cost less then 10 million a year.  With a low end revenu forcast of around 50 million a year, that is around a sustanaible 20% payout ratio.

(This article is from October 2012. You'll need a subscription to globe and mail.)

"Small gold companies existed to become bigger gold companies, and they fought hard to make it happen, usually through a constant stream of takeovers.

But with influential investors in gold companies (such as Sprott Inc. fund manager Charles Oliver) focused increasingly on dividends, growth for growth’s sake is fading as an imperative."