I think you are bang on with your $0.15 to $0.20 mark. Ya we are not as advanced as NGC but everything points to a better deposit, a better mine. If anything the valuation makes it quite attractive to acompany liek Timcal, Asbury, or Graphtek and those would be the first guys I woudl be looking for money for phase 2 from.
If LMR can secrue a good chunk of dough from a company like them it will give the mark. one ofthose guys might want the inside track and at $0.10 or $0.15 cent financing at this stage in the game might make sense for one of those guys. I tihnk one reason LMR sp is where it is b/c if the market knows you need money.. it can be cruel if they think you don't have options. If you can bring someone like them at theat price... with the warrants we you might jsut fund yourself right to a buyout if the decision comes after 43-101/PEA.
Building a mine woudl be another beast in itself. I think LMR is more suited for the buyout route personally. I would take $0.40 to $0.50 and call it a day.