All depends what the price-to-earnings ratio is. Historically 15-1 has been the rule of thumb, but you know as well as I do that there are stocks with a p/e ratio of 30, 45? There are lot of variables to consider also, such as cost of production (overhead). Gold is $930/oz. right now. Maybe the production costs are $400-500/oz. Most operations only process 1000-2000 tons per day. At 5 grams /ton, you are only going to mine 160- 330 ounces a day or about $155,000/day using 50% production costs. That would only net the company 28 million during a 180 day production season. That works out to (28mil. / 1.3bil. shares) $0.02 per share. Therefore, realistic price should be in the area of .20-.30/share using these figures. All you Phd's of Mathematics out there let me know if my figures don't jive !!!!!