cobalthead, Sherrit? S.TO? Not really a gold or silver interest so I have no interest. Besides, I like to keep my options open for crossing the US border and holding shares in a S.TO with its huge interest in Cuba is a non zero horrible risk.
If Snowden says the ounces are there, at grade then we can talk valuation. Rubicon gets a well deserved high grade premium because are 10km away from the very best Canadian gold mine ever, Campbell/Redlake.
I doubt many other camps in Canada are going to get a Red Lake valuation. No, for BGM, I'd say a much better comparable is San Gold which is getting about $80 EV per ounce of gold resource. San Gold is in production and has many issues behind them, so I'd expect BGM to be further discounted to say roughly $50 per ounce to account for development risk and issues still in front of the company.
So $50 per ounce * the Snowden Resource Ounces (Inferred + Indicated) is my guesstamite for BGM's fair market valuation. If after the CTO, the stock prices dips below that fair market valuation, I will probably take a small position. I would never in a million years short a junior that is potentially sitting on 10M oz of gold.