Another short quote from Roulston's article that's worth cosideration:

Junior companies now control many of the best development prospects available to the mining industry. The well-managed among those companies are continuing to add value to the deposits they hold.

Without getting into detail here, let me remind you that a metal deposit that has already been drilled off as a resource can appreciate in value by 10-, 20- or even 30-times as that deposit advances toward production.

As those deposits advance, there will be more takeovers. And, as was the case last year, the takeovers will come at substantial premiums to the present share prices.

It is very clear that mining companies will continue to seek out new acquisition targets: the miners need to replace depleted mines. In addition, demand for metals is continuing to expand.