valuing mmn

Sorry to re-post...I thought this need its own thread.

I've been having a look at CCU and their Valuation Metrics on the Wonawinta silver resource and have used the same method to value MMN version 2.0.

Bear in mind CCU dont have a plant developed like MMN plus MMN's resource is 50m JORC.

Using CCU Valuation Metrics:

EV/Resource ounce is commonly used to value Australian gold companies-can vary from <$50 to >$350 depending on "quality" of ounces in the ground.

--$120 / oz is considered "average" EV/resource valuation.

--Current Gold/Silver price ratio is 60:1

--Therefore, $2/oz could be considered an "average" EV/resource valuation

--MMN have 50m oz x $2 / oz

--Implied EV = $100 m

--Shares on issue = 600m

--IMPLIED VALUE PER SHARE = 16c

Someone tell me where im going wrong?

My broker has recommended I take more upon relisting...saying that these will come on at 2 - 4 cents and head north from there.