valuation

This stock is hard to value.
I am not up to speed with the share market but to keep it simple.
Potential target of 390MT of iron ore, without confirmation from drilling. What price would you put on the (dollers per tonne) as it stands now.???
I pulled a figure out of my arse of 50 cents.
Therefore 390,000,000T * $.50 / 973,000,000 shares.
That would equal a stock price of 20 cents.
Please give me some feed back on your thought's and concept.