That would be right. A company with 4 million ounces of...

That would be right. A company with 4 million ounces of resources/reserves such as CRK could be valued relatively easily - depending on the grade and how easily mined plus such extras as access by road/rail, availability of water and electricity etc. Also some companies have a very low discovery rate- as low as $4 an ounce and are still discovering it, so there is potential there too. It's only a matter of time before small to mid-sized near producers will be properly appreciated.