"Correct me if I am wrong."

You are pretty much wrong across the board, and it is seems that you are just throwing out number without any research. A few examples:

The proven and probable reserve is in excess of 20 million ounces based on the LL tables; 17 million ounces is at a much lower gold price of under $550. (Slide 20 Feb 2008 company presentation, repeated at Denver forum)

The cash cost of $258 includes the 3% exploitation tax and 3% royalty (slide 21 Feb 2008 presentation).

The Venezuelan business profits tax allows for deductions for all ordinary and necessary business expenses, which you fail to properly recognize.

You assume a static gold price and then apply a discount rate that assumes inflation, one or the other is reasonable when projecting gold operations, but not both.

Gold mining stocks are not valued using any methodology similar to yours, do some reading on the subject. Transactions for gold properties are most often valued at some dollar amount per P&P ounce in the ground, usually in the $200+ range, depending on the quality of the deposit and the current price of gold.

Administrative costs are unlikely to be a variable cost (Cost Accounting 1A, I would refer you to Gleim.com for education in cost accounting).

When using share numbers it is appropriate to use the fully diluted number, not the current outstanding.