http://www.goldstockstrategist.com/

Got this from the 'other' board (shocked that something interesting was actually posted there...):

"San Gold is a special case and a case where the cash flow method is inadequate when it comes to valuing emerging gold producers. San Gold has reported significant drill results in their Hinge deposit over the past month. These drill results have helped to drive the share price of San Gold up about 50% during this time period. These drill results do not enhance their production plans for 2009, but do indicate a growing resource for future production. Congrats to San Gold management and shareholders on this wonderful news.

San Gold's share price action on these drill results is good news for emerging gold producers. It suggests that as the other undervalued emerging gold producers begin to report good drill results and prove up their resource, their share price should benefit."

An interesting point is that it appears they value companies based on a 10x multiple of projected production to cash flow.