There a lot of decent enough producers out there today going for a lot less than $105 an oz.

 

A good example is Claude Resources at roughly $22 per oz.  But Claude has 50k+ annual production and two advanced stage development projects. Madsen has big PG resource potential -- classic red lake nuggetty deposit.

 

So, I'd argue a top price of $50, all in, for BGM.  Now, where is that Snowden report?