In terms of valuation....what I use... a) Inferred: ( US$40per ounce)
The lowest-confidence category, based on just enough drilling to outline the mineralization.
b) Measured & Indicated (M&I):(US$60 per ounce) These higher-confidence categories have been drilled enough to establish their geometry and continuity reasonably well.
c) Proven & Probable (P&P):US$200 per ounce for M&I These are bankable mining reserves – basically Measure and Indicated resources with established value.
Some are touting 10,000,000 which may be correct but please remember that we are in early stages....
However if we use case c) @$220/ounce that would translate into $2.2 billion as a base case takeover price or about $15/share!
GLTA