I think that's exactly why MGX is hesitant: I'm seeing...

I think that's exactly why MGX is hesitant: I'm seeing companies/people biting at the bit to do something, but still do not have the confidence to be the first lemming over the cliff.

You have to be very careful on taking the market as the arbiter of value. For a serious miner, the SP is irrelevant to the deal. The target project either stacks up or it doesn't. The grey area is the playground where savvy people play (eg, making a project work profitably where others could not).

When I spoke to Jim Beyer last he indicated that Zn may be a target. (Who knows - maybe they assessed Heron?). I agreed with that view: buying umbrellas in summer is exactly what you need to do to get a good deal. Of course, you need the confidence that it will eventually rain, to extend the metaphor. Base metals have been flat, but all prediction are that the current price weakness will lead to supply weakness and therefore price escalation (the miners perennial hope!)

This gets me back to my original point: use the cash to manage capital or get a better acquisitions team!