Hi Bitzer
Your figures assume production.
However as I posted a while ago pre-production mines attract about $20 per ounce for the average mine and $50 ++ if the mine is above average.
If you do the sums not including the recent placement we were sitting around the $20 - 25 mark. If the resource doubles then that price should remain the same given the placement although I do think that EXM should be rated more towards the above average. Of course once in production your figures will become sharply in focus.
Not having a go just providing a reason for the current SP. These are not my figures they come from a Canadian analyst who was one of the RSS feeds I get either Financial Sense or kereport.
Cheers
BW
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