RE: NAV Look around the exchange. There is a reason the metal/mining stocks, esp the jr. developers are trading at historic low valuations for insitu resources. The mkt is now stuck in the "how much is going to cost" phase. 3, 5, 10m ounces - Irrelevant, its the capital cost to build that THIS mkt is focused on. With that, the area to be has been where BSX was, building up a resource in the ground. Companys that have put out PEAs, FEAs etc, have all seen their share prices slashed to bits. Judging by what happned to dozens of others, many an institution etc. will be heading to the exits now.