Here is what Lawrence Roulston thinks (quote from recent Resource Opportunities):

There is still selling, much of it coming from funds that are facing redemptions. That selling, in the absence of buyers, is causing prices of many companies to continue to decline. Many companies will undoubtedly sink further because they offer little reason for investors to want to own them. In the wake of the pummeling that has been dished out across-the-board to re- source stocks, many high quality companies have also suffered, with some now trading at irrationally low levels. A few companies with high quality assets are now trading for little more than the value of their cash. The markets will eventually rebound, at least for the companies that have tangible assets. We cannot predict exactly when that turn will come. In the meantime, it is worthwhile to accumulate companies that have quality assets, especially those with lots of cash.