The problem with HBM is that they are in base metals exclusively.... if they were to take on SGR they would have gold exposure... and being in Manitoba a much easier staffing of mining operations..

On the SGR side one has to look at upside potential.... If HBM took on SGR for lets say a one for 3 basis and $1.00 in cash this would leave considerable cash in the till.... and minimize the addition to HBM float.

HBM would end up at about 200MM shares and with $500+ in cash, have the funds to ramp SGR up into a 200K oz / year production from 4+ mines.

Just a thought.

The upside of HBM from there would be a return to the $10.00 plus range just on the gold production.... When base metals come back HBM would follow Agneco and Goldcorp... and would return to the $20 + range

There is more upside with a deal such as HBM than there is in an all cash offer from a Goldcorp or a Barrick

JMHO