. . .When you do the math on Terraco, you can see why I like this company so much. Even if Spring Valley were to remain at 3.5 million ounces (Moz), 75% recovery on $1,200/oz gold for the next 15 years at $650/oz gold cost at a 3% discount rate gives you $70M–80M net present value (NPV) minus the $12.5M to exercise the option. Using those very conservative numbers, that comes to about $57M NPV. These outstanding shares fully diluted put a $0.35/share base price on Terraco right now. You can see a minimum, a base that doesn't even include Moonlight or Almaden, which has 1 Moz and growing in a shallow open-pit resource that could be a mine today. . .a very good value play for anybody to look at. Terraco offers the Moonlight exploration upside, 1 Moz of gold at Almaden with considerable upside because it's looking for higher-grade feeder gold shoots coming up from underneath much like the Ken Synder mine, and the royalty."