The price for an ounce in the ground is around $70 as an industry standard.

This can vary from $5/oz. to $200/oz. depending on several factors (high-grade / low-grade/ size of deposit / location / jurisdiction / infrastructure / possible open pit / underground mine etc.).

I´m talking about non-producers here, because producers are valued much higher per ounce at the current POG.

Examples from the upper end of the scale would be Osisko(need to check, but surely above $200/oz.) or Rainy River ($154/oz.).

If you take explorers in some areas in South America, you certainly look at values around $20/oz. or less.

As for PRB, a 1.5M oz. deposit in Canada should be very conservatively valued around $1.80/share (= $50/oz. in-situ) !

FANTOMAS

Btw, LTGoldBull2, the oz. conversion is 31,1 g/oz. and not 34,438 g/oz., so you get even more ounces in your "back-of-the-envelope" calculation. ;-)