Canaccord values La Hoya at $2 or so today. so a smart investor would consider all facets of the pie, not just the one which all the people selling at today's price are considering. Your approach lacks logic, when you consider that successful investing is about figuring what the true value to an acquiror is, not figuring how little the dumb sellers are valuing it at. If SVL was a pure exploration company without Elena, would you say the shares should be trading at $.02 or less?
Sorry to pop your bubble, but I will take Nicholas Campbell's valuation approach over yours.