RonRaine,my opinion only; depends on the following; 1.critical...

RonRaine,my opinion only; depends on the following;
1.critical mass ( is there enough ore there to sustain the cap ex of a mine?) take for eg MDS this year announced a maiden 11mt, probably worth nothing on it's own.
2.Stranded ore.( ie.no rail)
Ore that's unproven ( not yet classifed JORC reserve)is worth around 30c/t. EG FMS.
JORC reserve in sufficient quantities to sustain a mine is worth around 50c/t EG BRM
3.Ore with rail - Jorc reserve ore with good prospect of low cost mining with a means to market is worth $1/t.EG AGO

I was researching this very topic this morning because of my holding in FMS. They are about to release their maiden JORC reserve towards end of this month. Value of their ore should go from around 30c/t to 50c/t. They have good prospects for transport also so I expect the market cap to rerate from $225mil(now) to $375 mil ( in the next month) to $750mil(upon announcement)

Also haver a look at this paragraph out of the recent release from CAZ.

SVG also has the right to purchase 100% equity interest in the project by paying CAZ
$0.50/tonne of its participating interest in a JORC compliant mineral resource within 18
months or, if between 18 months and 36 months, by the payment of $1.00/tonne of CAZ?s
participating interest in a JORC compliant mineral resource. Current inferred resources for
the project are stated at 143mt @ 52.6% Fe (55.6% CaFe).