I'm not sure I have the right answer for you. I asked a similar question yesterday, but in a different way. I received a reply which said that a TD study indicated that gold deposit buyouts averaged $117.00 per ounce. If you assume PEM has 1 million ounces for 108 million shares it would equate to about $1.08 a share. I don't know when the study was done, nor what the price of gold was at the time the study was done. If one assumes the study was done based on average gold spot price in 2009, and that gold may have appreciated by about 50% from 2009 to the time gold spot reached $1,500, then perhaps the TD computation of $117.00 an ounce would then be closer to $175.00 an ounce. This would make the the approximate buyout share price close to $1.62 a share. . . . (minus any debts, etc.)

Something else to also consider is that the TD study may have included underground mining operations and that because PEM's deposits may only require open pit surface mining, the value per ounce would likely be greater. Another piece of information is one provided by another forum writer saying that gold deposit buyouts can range between $85.00 an ounce to as much as $300.00 an ounce.

Hope this is of some help.