For VD I would use the 1.1 billion lbs cu recoverable in the PEA since I doubt a buyer would pay for more. 

That gives 1,100,000,000 * 0.065= $ 71,500,000 USD

USe a conversion of 1.25 for CDN because that's what Teck used in the latest AIF and actually is close to current spot:

$ 71,500,000 * 1.25 = $ 89,375,000 CDN

For SC we don't have the recoverable yet from the PEA so we could get a high end estimate from the 11.9 billion lbs cueq listed on the latest presentation:

11,900,000,000 * 0.065  * 0.25= 193,375,000 USD for 25% of SC

Converting we get 193,375,000 * 1.25 = 241,718,750 CDN

Then we add the value left in the JV agreement:

241,718,750 + 50,000,000 = 291,718,750

Adding VD and SC, divide by share count:

(89,375,000 + 241,718,750)/500,000,000 = 76 cents per share

It requires Elmer to sell both properties which I believe will likely be separate transactions. He also has to convince buyers to use 6.5 cents per lb. Personally I would calculate a high, mid and low estimate and plan my investment strategy accordingly. As you mentioned there are a number of variables to consider. The current share price is too high for me to consider re-entering yet due to the risk I perceive. A personal choice, doesn't mean I'm right.