Twilight - My calculation is a bit less complicated
65000 yearly oz's production (for 2010 per CMM)
$550 per oz production cost (per CMM)
$1200 per oz gold price
$344KK shares outstanding
P/E ratio of 15 (fair market value)
(1200-550)*65000*15/344000000 = $1.84
fits nicely into a spreadsheet and easily updated.....
feel free to critique.
DWM