We have a mkt that now values gold etc in the ground at basically nothing. All it focuses on is "how much is the cap cost". Was not always this way - this is the pessimistic way of valuations. I don't think this has anything to do with grade - high grade is a thing of the past - in all minerals.
On a positive note, the Sr's and especially the mid-tier miners are sitting on huge cash reserves and are all in need to make acquisitions to grow. SSP has spent 10's of millions in bringing this deposit to this stage - someone cld now acquire it for next to nothing - basically paying for the money alread spent and getting 10m ounces for free. The taxlossers are now wading into the mkts - and like "Black friday" this sale only comes once a year.