Aquila Interest 50%Location Stage 1 area is 70km south of...

Aquila Interest 50%
Location Stage 1 area is 70km south of Pannawonica in the Pilbara region of Western Australia
Resources (JORC) 2.2Bt Resource (Total WPIOP and wider Pilbara tenements)
Reserves (JORC) 445.1 Mt Proved and Probable Stage 1
Area Over 9,000 km2 project area
Projected Production Rate At least 30Mtpa
Principal Products Direct ship channel iron and bedded iron fines
Estimated Mine Life Current Stage 1 reserve supports a 15 year life

Said to be nearly as big as Roy Hills
$M300 seems low less than $1 per ton in the ground (reserves)?
How do you guys value this, bearing in mind it is DS not magnetite?