I found a good article on estimating the value of reserves after reading the posts by Boatboy and freedom2010:

http://www.iii.co.uk/articles/articl...

In this article, one of the examples quotes; 1) 27% POG (price of gold) for companies about to start production; 2) 11.2% POG for indicated resources; and 3) 7.2% POG for infrerred resources.

Taking these figures with gold at $1000/oz and yesterdays 43-101-compliant resource estimate (assuming we do the feasibility study - 70% option) results in:

40,000 (ounces) * $1000 (POG) * 11.2% (indicated) = $ 4,480,000
180,000 (ounces) * $1000 (POG) * 7.2% (inferred) = $12,960,000

for a total of $17,440,000 * 70% (option) = $12,208,000

divided by the current number of shares $12,208,000/73,380,188 = $0.17

This does not take into account freedom2010's comments on infrastructure which would have a positive effect on the value.