No. If you actually do the math, or better yet test it, it would be a lot less. 1m/11k = about 90 ores. Mining 90 ores in 1 hour means you mine at a rate of 1.5 ores per minute which is quite fast- maybe if you were 99 mining you could achieve that.
I'm not sure about the value of that account but I'd say someone would be willing to pay max 15m for it.