trueeven with an in ground valuation of 5% ($60/oz) with 50%...

true

even with an in ground valuation of 5% ($60/oz) with 50% ownership gives a mc of ~$60mill

it is only an inferred resource but it looks like this will easily be converted to indicated, from the ann

"Additional drilling is required to increase the resource classification from Inferred to Measured/Indicated categories, which is expected to significantly increase the previously reported resource of 431,600 ounces"

by way of comparison, Azuma (AZM) has an indicated resource of 1.1 moz with a mc of $90 mill

can anyone see why AZX shouldn't be re-rated to a similiar valuation once resource is in the indicated category?