The real value of gold in the ground / Реальная ценность золота в земле

This is the second in a series of articles and videos in collaboration with Mickey Fulp from Mercenary Geologist, analyzing the various segments within the gold mining and metals sector.
The first article was posted on January 30, 2015 and titled The Real Cost of Mining Gold. As the title suggests, the article examined the operations of 7 major gold mining companies to determine the real cost of mining gold since reporting standards have failed to provide an accurate picture to investors. Three short videos on the subject can be accessed here: Cipher Research Media.
This article focuses on advanced gold exploration & development companies. We examine a 24-year history of mergers and acquisitions to determine the real value of gold in the ground and to incorporate that value into our project and company valuation models. 
Many portfolio managers, analysts and newsletter writers promote the idea that management is the most important criterion in valuing an exploration and development company. However, can you recall a company being taken over for its management team? While management is an important factor in finding and developing an asset in the most efficient manner, ultimately the project is what delivers the real value. <...>