Hi Spec, I agree with your comments around companies in...

Hi Spec, I agree with your comments around companies in production. Producers need ounces to maintain/grow their share price and thus will pay more for gold in the ground, which is why BCN probably paid the upper end of the resource valuation (below). In regards to my previous post, I was just replying to your comment : "The acquisitions they made make sense, but... they were not big price tags, and rarely do assets go for peanuts, if they are diamonds?" Maybe I took this the wrong way but It did seem like you were saying that twin hills might be a duster and thus why wouldn't it warrant a higher share price.
In all fairness it is actually difficult to find explorers in the same position as GBM, which is why I used GCY and BCN as a comparison, which were fairly recent aquisitions. Acknowledging this, I did a quick valuations using the yardstick cross-check used to value the Melville resource before the FFR/GCY merger. Regardless of company status, I think it's hard to deny that twin hills is being overlooked. Note: I haven't included exploration target valuations or GBMs silver resource.

BTW, I am back on the GCY train and I look forward to further discussions over there.