First of all, Rainy River would know the value of Bayfield better than anyone else out there. You may not recall this but they had optioned Burns Block, drilled it with some success, and decided to let the option agreement lapse. I've always wondered why. I assumed that they felt Burns Block was not as economical as the other deposits. I recall them commenting on it be sharply down dipping, and it may be that Rainy wasn't interested in deep deposits. Then again, maybe they thought they might as well buy the whole company instead of earning into 70%.

Having said all of this, the going price is market cap plus 25-30%, 40% if there will be a competing offer.