Par,

I too recall Pan American valuing LP at 2.75/share based on PAA old (and very conservative) PEA. So 100% of LP (not 45%) must be worth $6.11? A Technicolor dream? Where’s the flaw in this reasoning? Such a huge premium would be a very hard sell to shareholders of any takeout company. The market’s interpretation of PAA walking away from this project continues to adversely-affect today’s share price.

The new Resource Estimate tripled the amount of mineable oz. from 83M (old PEA) to 240M. More efficient and cost-effective open Whittle-pit as opposed to underground mining.

One confidential-agreement suitor said La Preciosa is the best site they’d ever seen for an open pit mine. The AMEC PEA due in February should give a clearer measure of share value.