Ann: Ardiden Confirms Further Broad Zones of Gold Mineralisation, page-27

you're close

$16m upfront cash on 28th oct + $1.5m cash on hand (was reported slightly more as at the 18th/10 but i like round numbers)
5% of GT1 ($230m) = $11.5m
= $29m cash & liquid assets

2,668,335,356 Shares on issue @ 0.007 = $18.6m Market cap

asset backed (1:1) cash = market cap gives us 1.1c (so not quite 2x the price)


Then theres the pickle lake project - largest land holding in the area. next door and on trend to Barrick, Newmont, AuTeco, Evoloution.
with further permits pending
11 assays pending

Pickle lake has to be worth at least $5-10m easy.

$29m cash & liquid assets
+ lets call it $6m (round numbers ;p) for pickle lake
= $35m

fair value with a MC = $35m gives us a price of 1.3c... and thats conservative IMO