The other thing here is within the Reserve categorie, you have proven and probable, which are valued the same for most companies. However, in the resource category, you have measured and indicated and inferred. Most people value measured and indicated as the same but the inferred category has less strict criterias and as such are discounted. I have seen 25% discount on a number of occasions but I am sure this varies considerable. So to give average numbers, and these are highly variable, you can use $100 per ounce for reserves, $60 for M&I resource ounces and $45 for inferred resource ounces.

Factors that influence this is:

Grade of ore

open pit vs underground

jurisdiction

management

Price of Gold

Stage of exploration\development ie Scoping study, PEA, Bankable feasibilitystudy

Native issues

potential for finding more ore

Glorieux