mbgold,

"General rule of thumb for a company in a stable environment both politically and financially is for every million oz in the ground should equate to one dollar/share. So if we could reach 3 mil in oz this year a $3 sp is attainable."

This is way too simplistic IMHO...valuation based on dollar value per oz in the ground / production to formulate a market cap or NAV is preferred. Your approach fails to take share float into account which makes comparisons impossible.