Red Mountain Mining (RMX:AU), Blackham Resources (BLK:AU), Millennium Minerals (MYO:AU) and St Barbara (SBM:AU) are now the best relative value ASX gold stocks in the PortfolioDirect valuation model. At the other end of the ranking, the most expensive are Excelsior God (EXG:AU), Saracen (SAR:AU), Regis Resources (RRL:AU) and Medusa Mining (MML:AU). The relative value modelling is based purely on a selected range of operational and financial attributes without any account being taken of external or unusual factors affecting market prices.