This is a Canadian study (Cipher research & Mickey Fulp) of takeovers and prices paid for 43-101 resources between 1990-2013. The median price was $40.00 (Canadian not USD I believe) over the bear/bull cycle
http://www.goldgeologist.com/mercen...0601-The-Real-Value-of-Gold-in-the-Ground.pdf
Ann: WAF Receives Strong Interest from Leading Debt Financiers, page-114
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