PVA and sand: certainly the most classic, and widely used method. I use it for 90% of my bases, although I tend to spice them up with tufts, little stones, pieces of bark, fallen leaves etc- depending on the army.
One of the easiest ways to make this style of basing more interesting, and suitable for Moria, is to superglue a few little stones on to each base after the sand (or during- but after gives you a better bond) but before painting.
I paint all my evil bases Games Workshop Rinox Hide, and then dry brush with Mournfang Brown, 50% Mournfang Brown with 50% Bleached Bone (think it's called Ushabti Bone nowadays?) then pure Bleached Bone.
I paint all my good bases Olive Drab (er... games workshop Loren Forest looks about right), highlight with Vallejo Heavy Kakhi (Games workshop Deathworld Forest), 50% Kakhi with 50% pale grey (GW Dawnstone) then pure pale grey/dawnstone. Then sometimes, if I think it needs a little more, I'll add some pure white to the grey and dry brush very selectively in certain areas with the lighter colour.
On top of those basic shades I add a lot of extra and different details, like autumn leaves, frost, slate, grass tufts etc. But the basic colours are always the same. That way I can mix and match any of my evil and good armies with each other, and they still have basing continuity of a sort.
As far as the specific colours are concerned, the thing to remember really, is that you want increasingly lighter shades of the same, or a similar colour. Adding white to any colour, in increasing proportions, will get this same effect, but I prefer to use colours other than white as it can look a little harsh and unrealistic. You can go with a mars like tan/red for desert bases, while highlighting up to a pale orange/peach colour. Or for Moria perhaps you'd want to go with a pure black or very dark grey, and highlight with a blue/grey colour initially, then up to a slate colour, and finally with off white. For elven bases perhaps you want a really green lush colour, and would use a base of emerald green, highlighting with a more lime green up to yellow. There are lots of things you can do to create different effects. The important thing to remember is simply to dry brush in increasingly lighter steps of the same or similar type of colour, with less and less paint on the brush.
Hope that's of some help.
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