Portee was speaking of a hypothetical time when KXL would be bought out (potentially) at $5 a share and was speculating using $200 per ounce on how many ounces would need to have proven up in the M&I category. I would at least double his guess.

The average in situ market cap of gold explorers (as tallied by a basket of stocks by Cannacord weekly) is $63.72 per measured and indicated ounce.

Your example was of a company still trading with an inferred resource and an implied value of $17 per ounce. If an interest buy was to buy them today, they would likely pay more (much more) than that ...