Ovis,  I do not disagree with all your points but I do think ignoring the infrastructure when the cost of putting the infrastructure in place is enormous and many juniors are not close to that stage of the game.  2 mills is not something to shrug off.  The fact that BGM has been a producer proves all infrastructure is in place.  10, 000 ounces of gold sitting on the sidelines has to be taken into account.  Location in Canada is a huge plus.  Open pit mine.  The numbers and grade have to be reported yet and this would be the icing on the cake if positive.  Not to mention the land package and potential.  These are the reasons I think even at an explorers value for ounces we would still get a premium.  75-100 per ounce would be where I place my bet and that is based on a significant reduction to PG's second report.  4+ million ounces and a descent grade than I'll substitute my 75-100 dollars per ounce with bigbab's numbers.  Cheers