My take on Wolstencrof´s primary point (s) on low junior valuations is that ventures may have great prospects for developing a +- 100,000 oz/yr. gold mine with the likelihood of ramping up higher, BUT without a clear intention in their Business Plan for rewarding shareholders with dividends or a buyout, and without clear access to financing, and with a possible negative value due to the high cost of going into production...investors will continue putting their money into the producers, and not into ventures.