RE: PasskeyGFI paid in the vicinity of 350,000,000.00 cdn, for the shares of Bolivar gold. A company that had just started production on a mine in Venezuela, no less.(A very unstable country, politically speaking).
Many institutional shareholders believed that Gold fields should have paid an additional 200,000,000.00 for the shares, but in the end, they (GFI), got the deal to go through, at a bargain price.
Bolivar had a proven resource of only 1.6 million ounces/gold. Their production was to be about 180,000 ounces/year.
If a major, is willing, to fork out that kind of dough, for such a smaller gold deposit, it is not unreasonable for ARU shareholders, to believe, they will fork out a whole lot more for a deposit that is already estimated at 8 to 10 million ounces/gold and several million ounces silver.
The fact that, so much gold, has been found, with so few drill results, does not make this deposit risky to majors, but rather, it's what makes it so attractive, to them.