Your valuation is based on $50 gold in the ground, the link you sent is dated 2009, prices are quite higher now of course. Companies are getting over 200/oz or higher these days. The Tessoro property is not the only one this company holds. If you do your DD you can see why there are many of us into this play. It is a speculative stock at this time but a damn good one. Do your homework, lots of info on this site if you care to look.