RE: Play What Ovis? bigbab.
Your analysis strategy of assigning x% of the deposit toward costs was flawed since if (and I say if) the all in cost of production was greater than the price of gold your strategy fails. Thats all.
Without seeing at least a scoping study it is very difficult to say what the production costs will be.
But the market ever day values many deposits around the through the assigned price to the companies owning the deposit.
However use what ever valuation strategy you like and lets play a very simple game -- the game is to predict what enterprise value per ounce of gold the market will assign to BGM at the close of the 20th trading day after trading resumes. Do what ever BS analysis you like but put it to a true test. What will the market value BGM at? Rules should be very simple:
1. Stock price at the close of trading on the 20th day after trading resumes
2. Financials as available at that time for share counts, dilution etc.
3. Resource counts as published in NI43-101 compliant reports.
4. EV per ounce compute using the above.
If you believe your methods Bigbabs, then you shouldn't have any problem putting your work to the ultimate test -- the market grades stocks every day and assigns a value. No prefeasibility -- no problem for the market. And if you do your valuation using comparables then lack of prefeasibililty is also no problem. Apparently you dont' have a problem either.
So what is your prediction for the EV/Oz on the 20th day after the start of trading? Put your number up here for all to see or we'll all know you are just a big bag of stale air :)