RE:It's WeirdBoth good points wreakhavok.
I was also looking seasonal POG trends. In 9 of the last 10 years, POG from Dec 23 to Jan5th increased 2.9% on average. It's the start of a buying season for physical in India and China. This year, apparently there are also a fair number of shorts closing out profitable positions as well so that might accelerate a bear market bump in POG until spring. Shorts aren't seeing a massive increase in POG, but are taking profits and plan to wait and see. The sort of number of 9 out of 10 years increase is such a high probability of a POG increase that it could almost be invested blindly and turn out a winner.
One thing we do know about ounces in the ground is that B2Gold paid Papillon over $100/oz for a very similar, low cost deposit just a few km's away. One thing to bear in mind though is that MXI's ounces aren't reserves, they will be indicated and inferred. Those ounces are much less valuable than reserves. Also, ounces that have a Prefeas or a Feasibility Study attached to them are the most valuable......which would account for most of the ounces John Ing is talking about. US$50/oz is still cheap by any metric though, plus the JV has a slamdunk in the extension area that will yield lots of ounces in 2016.