what is the value of mt carrington project

I think Mt Carrington could be undervalued .On todays close and what I have read I come up with the following.

Shares on Issue 108M
Last sale $1.63
Market capitalisation $176M
Cash In Bank $48M or $0.445 cps

Summary
Cash in bank $0.445 cps ($48M /108M shares)
Hillside Conservative $0.925 cps ($100M/108M shares)
Balance equals Mt Carrington $0.260 cps ($28M/108M shares)
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$1.630 cps
The $100m on Hillside is a touted value of that project and the $48M in bank is ok and therefore I think the Mt Carrinton project is a little undervalued at $28M.