According to my very rudimentary calculations, PLV have...

According to my very rudimentary calculations, PLV have somewhere between 50 to 80 megatonnes of iron ore in varying grades. It is poosible that more ore could be found outside of the current exploration area.

Currently, iron ore is being traded at $100 per tonne, but could could go as low as $80, see:

http://paguntaka.org/2009/08/02/price-of-iron-ore-reached-the-highest-price-100-per-ton/

It is my understanding that the value of a potential mine is generally rated at 1/10th of the spot price (say $80,) multiplied by the amount of ore (say, conservatively, 60 megatonnes)

So, $80 x 60,000,000 / 10 = $480,000,000.

Therefore, $480,000,000 / 78340000 (no. of issued shares)
= $6.10 per share.

Granted, the 1/10th variable may be a little innacurate and to the upside? But perhaps this could be offset by the fact that IMO I have been conservative with the amount of tonnage that Irvine may possess and its commanding geographical position and ease of mining).

If PLV retain some royalty stream, this would obviously reduce the $6.10 SP.

Would love to hear what others think about my "very rudimentary" calculation :)