RE:Fair calculationBHS is a bit of an outlier simply because it already has a mine.
Typically, a junior will drill some holes, put out a 43-101 resource estimate and then go PEA and Feasibility to raise the money needed to cover a 200-800 million CAPEX - that is the money needed to build the mine.
BHS is different.
If they put out a 43-101 and can raise, maybe, a million bucks they have full capacity, operating, mine. In fact, right now, they have an operating mine. The million bucks would just make it operate faster and better.
What are the old workings worth? Well, shafts and drifts are expensive. Think $1000's a foot. BHS has 1500 feet of old workings.
Graeme is a shrewd old bugger and he bought a 100 million dollar set of workings for, essentially, nothing.
Get some decent numbers in the 43-101 and the Bayhorse will pull away.