A good rule of thumb to use when figuring out the company's value for an exploration company is to multiply the total ounces by 20% times the price of gold and divide by number of shares.Example 3 million ounces X 20% X $950 divided by number of shares say 266,000,000 shares =$2.14.Now at 4 million ounces your looking at $2.85. - For a junior company thats producing with earnings of .14 cents which is what SAN Gold is scheduled to make in 2009 and a average multiple of 25-30 for the sector . Price = Multiple X Earning 25 X .14 = $3.50.Using a multiple of 30 X .14 cents =$4.20. These examples should give you a rough estimate what the share price should be.