I got into EDV via AVR and am using this sp to average down. 48cents annualised cf (using oper cf) w/o counting AVR contribution and they expensed $3.1 million of acquisition costs for this last qtr. 35,000 oz to come from AVr in full qtr so cfps prospectively 16, 17 or 18cents vs 12 cent standalone EDV last qtr. Less than 3xcfps and with prospect of further t/o's we will see sp go up, just like before the AVR purchase. Of course still Sovereign risk but feel that is over discounted at these levels. Sure like it better than AVR!!! GLA