A snippet from Murphy's Cafe:

Here another quantitative perspective on where we are with fundamental valuations with some of the Junior precious metals shares. At PDAC 08 a few weeks ago, I was a little surprised to speak with no fewer than 3 Juniors who's market cap had fallen below not just book value, but working cash in the bank! My sampling may have been somehow distorted, but it's crystal clear to me that anyone who claims the shares are in a bubble is just plain cuckoo. The last time I recall seeing such low valuations, and as wide spread was 2000-2001.