Fair enough Yaponski , I will agree with your assesment   ......I would much rather play this game under a different set of circumstances but it is what it is .....  Ovis once asked us to play this game but I will play it with you .............

(+) open pit/ jurisdiction / high grade / economic scale / assets (2 mills  - infrastructure )  / enormity of land base / tax pool losses ...takes this higher than the industy average of $45  to $60 -65 

(-) mgmt (ability/historic performance/ industry  perception /  ) / financial shape/ proxy battle    takes us lower 

from $60  back to approx $50 /per ounce ...these are SOLEY trading values


I would break BGM CURRENT valuation down to this :

1) COW 2M oz 

2) BL 150 k     /  BCV  350K   both estimations on upcoming reports 

3) 500k of CREDITED ounces for  mills/tax pools/ undiscovered ounces/ production etc

3M OZ  x $50  =  150M / 110M shares outstanding = $1.36 undilluted 

3M OZ x $50 = 150M / 135M shares outstanding = $1.11 fully dilluted


So Yaponski I currently feel that we are valued at $50/per ounce and credited with 2M ounces at Cow based on the above criteria , I believe an appropriate takeover valuation to be between $100-$150 per ounce ....  and I see a very bright future with 2M ounces most likely being surpassed ,and the main drag on value per ounce being correctable (without massive dillution)