According to Baker Steel Capital Management who have analysed...

According to Baker Steel Capital Management who have analysed numerous past and future gold projects there have been fairly consistent ratios we can use in valuing a gold mine.
1. The Capital cost of a new gold mine is around 10% of its gold reserves
2. Mining the gold costs around half that gold
3. The ongoing capital requirement to keep that mine going costs about 5% of that gold
4. Governments end up taking around 15% of the gold in taxes.
The balance of 20% is usually left for the shareholders.

So, taking 20% of Alacers Measured reserve of 10.5 mill oz = $2.1 Mil oz for the shareholders at lets say $1700/oz = $3,570,000,000 divided by fully diluted shares of 292,000,000 = a share price of $12.22
Lets give this a 30% haircut for middle east risk and sovereign risk of being in Turkey gives a fair value of $8.55 so IMO at current levels this is a buy and that is why I have put my money where my mouth is an picked up $70K worth. Would love some feedback on my analysis