Fishbeecee, Take a look at Mineralfield's valuation here: http://mineralfields.com/pdf/ONTEX.pdf

That document is from April, 2009 when the POG was about US$900/ounce. According the the valuation section (page 13) the market was paying around an average of US$49.15/oz. In relation to the price of gold of US$900/oz., that is about 5% the POG. Fast forward to Feb. 2010, and POG is about US$1100, that should move the average the market is paying up to somewhere around US$53/oz. Factor in an exchange rate of 1.05 and that bumps the average up to about CAD$56.65. At CAD$41.88, that makes us undervaled (to the market average) by about $14.77/Oz. or about 26%.

Keep in mind that in my valuation, I'm really just guessing that the market is valuing the mill at $10,000,000. If it's truly worth more, than the market is even paying LESS than the CAD$41.88/Oz. figure I quoted, which makes us even more undervalued. If the mill is worth less than $10M, well then that puts my cost/oz. a bit on the low side.

With this very rudimentary valuation, you can see why juniors are prone to sudden spikes in SP. A 26% under valuation on the average price per ounce, not to mention that our proven ounces is likely going come close to doubling within the next couple of weeks, upon the release of the Hardrock 43-101, and you can see that we could easily be above $1 pretty soon. Why am I so confident in Hardrock being big? Look at their insider report - Ewan Downie (the CEO) just bought over $200,000 worth of stock in the public market at $3.60, and Canaccord bought 8,000,000 shares at $4. Think the results are going to be dissapointing?

Now, if you want to dream a bit, the market pays $100+/Oz. for companies that are closer to production. I'll let you do the math, but you can easily see that if you got to that end of the spectrum, the share price gets even higher (remember, we have a mill now :D)