I have rarely seen a takeover offer for greater than 35% of trading price range for any sector.

Mining veins below 300 feet is usually a massively expensive proposition also from what I can gather.

Steve, an "offer" is significantly different than an "auction," which, IMHO, is where we are heading. Not many jr producers out there with 3MM ozs and counting ready to "pluck!' And "pluck" us they will!!

In response to your second observation, Goldcorp's Red Lake op is Canada's least expensive gold mine on a cost/oz basis and they are chasing high grade at 7000 ft underground! SAN's in the same trend with similar cost expectations.

The Hinge at SAN is an absolute dream come true.

Remember $1 invested in G in the early '90's is now worth $1000.00!

IMHO, those are the #s to keep in mind.

At these prices it's buy, buy and hold for a minimum of 3 years, unless gold tops $2500.00 in the interim, at which point all bets would be off!

JMHO!

RUF

RUF