The formula only works with current Market Value of a Stock based on proven and probable reserves.

GG

$ / Ounce = ((Shares Outstanding)*($ / Share)) / (Proven & Probable)

Once you have a $ / Ounce Plug into the below formula.

KRY

(($ / Ounce) * (Proven & Probable)) / Shares Outstanding = $ / Share

Market dictates price - so you need to look at an operating miner to extrapalate what a operating miner would be worth. Ideally we should take a stock that is only playing in gold - this would be the best comparison with KRY.

All you need to do is correct for outstanding shares & Reserve base. In addition, I included the Hugo Chavez discount.

Very simple and very basic --> makes it more Accurate & Believable