Hi Adequate, it is good to see your research continues.
I came across a research report last night that I think you will enjoy and it highlights a couple of dangers of valuing companies solely on in-situ value including: 1) Only 50-70% of a resource is converted to a mineable reserve 2) More drilling can quickly increase the resource so what may look expensive today will be cheap within a year 3) The in-situ value doesn't take into account the cost of extraction, processing and transportation. The specific example of IVA's Mt Elliot project was used which has a huge resource but is currently uneconomical to mine.
The report is - StockAnalysis - "Special Edition: Copper & Gold Stock Ranking" http://www.excoresources.com.au/investors-center/analyst-coverage.aspx
