would you buy reserves for $478 an ounce?

Just done a quick back of the envelope caluclation - a NCM takeout at say $50 a share based on 80M reserves would see a potential buyer effectively buying NCM's gold in the ground at $478aud an ounce. Aud gold currently $1630 an ounce. No allowance made for copper/silver or exploration upside in a number of their major localities eg Wafi/Golpu. Factor in extraction costs etc but it still seems a complete no brainer.

This is why NCM would make an excellent target to a large player and why at $33 it is ridiculously undervalued.