In January 2011 Norsemont Mining was bought by HudBay Mining for about CAN$520 million in a stock swap deal. The company flagship operation was Constancia in the high Andean plateau south of Lima, Peru. Remote and not in Canada. Norsemont went out at about $4.50 per share basis 115 million shares outstanding. Gold Reach has an equally compelling project in a well established mining area within the province of British Columbia. Indeed, adjacent to an existing mine owned by Imperial Metal (operator) and Japan Group!! Roads, infrastructure and reasonably good access to Vancouver.
Most important for us is the stock market math. We have 40 million fully diluted shares very closely held by people who have supported this since day 1. There are no sellers among us At the annual meeting a super high percentage of the stock votes are recorded. That tells you something. If we assume a value equal to what Norsemont received we are worth around CAN$13 today and should be trading at about half of that till the full NAV is realized by a sale or other corporate action such as a JV.
Nice work here by Conrad, Shane and the whole team that has worked so diligently this past year in particular.