I was thinking more in terms of silver than gold, Hawnkoa. For example:-

Pan American has 550m oz with an EV of $2,300m

First Majestic has 169m oz with an EV of $281m

Endeavour has 58m oz with an EV of $130m

Great Panther has 48m oz with an EV of $81m

Combine the last 3 and you have 275m oz with an EV of $492m

So, Pan American has twice the reserves but 4.7 times the market cap. The market values the majors more highly than the smaller producing companies, so, if you can merge a few of the junior producers to make a major then there should be bump up in valuations, maybe a double? JP has talked about this on a number of occasions on FSN (not an original thought on my part).