spring hill valuation - please discuss...

Hi all,
Please will you comment on my reasoning below?

I'm trying to come up with a fair valuation of Spring Hill, what someone might pay for it.

So, Spring Hill has an indicated resource of 450,000 oz gold.
Current Measured & Indicated gold valuation price = US$30/oz
450,000 x 30 = 13,500,000 US$
= approx GB£9 million
= approx A$13 million

Thor own 51% of Spring Hill = A$6.6 million or GB£4.5 million

If they could acheive the 80% target = A$10.5 million or GB£7.2 million
(not bad return for A$1.5 million (+shares) in exploration and development expenditure by February 2014.)

Where have i gone wrong? or is this a fair valuation of Spring Hill??

This looks a very attractive asset in its own right & it is entirely possible that the resource may increase.

All comments are most welcome...
MT