I just looked up the link below on how how to value in the ground gold for junior miners
http://www.munknee.com/how-to-value-...in-the-ground/
Not sure when this was published or what gold price it was based on but get US$17.7M or NZ$29M (.61 exchange rate). Using the figures below
• US$20 per ounce Inferred x 389,200
• US$30 per ounce for M&I x 23,100
• US$160 per ounce for P&P x 57,480
So that would say currently NTL is under valued based on todays price by about NZ$6.5M and current resource estimates.