Full FS Reserves are valued right now at around $295 per ounce across the market's producing gold miners.

PFS Reserves, although sometimes sufficient to move into production, do receive a lower valuation. Certain mining analysts do not consider them sufficient to put them in the same category as FS Reserves. I have not seen a statistic on how much lower they are valued, except to say that there is a reason why companies usually do a full FS.

Even full FS Reserves for companies that the market doubts will find financing to build a mine will not receive anywhere near the average $295 valuation. See Terrane, whose 6.0M P&P Reserves are valued in the $60/oz range.

Hysteria