RE: BMRI'd say you're only half right.
With companies with rather advanced projects trading at or near lows, the likelyhood of a 10 bagger in an established co is far more likely than with a grass roots exploration play.
as this market gains confidence in the juniors again, the trickle down effect will come into play...
Money will be looking for exploration with established resources first and will find its way into greenfields once the leverage there has played itself out....
There are so many great deals with 43-101 compliant resources trading for market caps that value ounces in the ground from 5$-50$/Oz that when this market starts to give credit wher credit is due, smart money will always look to the risk vs. reward ratio.
gold in the ground = less risk
Pure exploration will have its day but not before the barricks, yamanas and the like have theirs first, followed by the sangolds, the nevsuns and their ilk....from there, were looking at the Auryx's, the Helio's and the Voltas...
after this, the junior explorer should have its day and this is why this market is a long term players dream come true.