You figure that Bayfield is going to do well if it comes up with 500,000 ozs?? Is that correct?

If so...You too are out to lunch!!

At $50 per oz of gold (equivalent) in the ground that equates to a take out price of $25 million US. which is more or less the same as $25 million Cdn.

Bayfield has 74.1 million shares outstanding....(91 million on a fully diluted basis.. last I saw)

So...for ease of calculation, and being ultra-conservative...

74 millions shares multiplied by 36 cents/share gives Bayfield a present market cap of $26.64 million.... (Remember there are 91 million share outstanding on a fully diluted basis (amounting to an additional 17 million or so potential shares give or take)...so investors buyout price, if a buyout were ever to materialize, is even less with the additional dilution)...

Point is...

We all know that Bayfield is going to have to do a lot more drilling to suggest they have 500,000 ozs...so lets assume the $4 million in the treasury will go to complete the future drilling...

So based on your hope of a 1/2 million ozs...Bayfield is still trading well ahead of itself even if they do get paid fair market value. (Which personally, as I've suggested is unlikely based on a single buyer)

So you're going to take all the risk in buying this junior, like any other,  for what upside?

IMO investors are once again going to be on the short end of the stick with this one based on the facts we see...Draw your own conclusions!

Please let me know if I've missed something...

T2