Inferred should be $ 20/oz not $ 160. But those numbers date from Jan 2010 so they may not apply at all in the current market. The article points out it varies considerably up and down. You need to constantly re-calculate every 3 months or so but I don't have the time. However, PDG does have the time and have updated their EV/oz. PDG is sitting at $ 32 while the average is $ 70. Trelawney is still listed with a number about $ 60 EV/oz, but most of their resource was inferred( 6 million oz) versus indicated( 1 million oz). PDG is clearly undervalued and should be 50 to 100% higher( $ .9 to $ 1.20).