BUY—BYV is way down on good drill results that disappointed a market expecting spectacular drill results. Takeover potential remains, making this a great opportunity (and a lesson in the importance of patience).

Recent Company News

Date: 11-01-2010

( C$0.82, 45M SO, 63.6M FD, C$36.9M MCap, www.bayfieldventures.com)

RECOMMENDATION UPDATE

Comments: BUY—BYV is way down on good drill results that disappointed a market that was expecting spectacular drill results. The takeover potential remains, making this a great opportunity; the shares are actually back to where they were two months ago, before the prior spectacular hole that sent the share price soaring, and the story is better than it was then. For those of you who didn't chase the stock, this is your chance, especially since the next set of drill results should be from the higher-grade zone.

First-time buyers: Current market as we go live (C$0.80) is good for a first tranche.

Second Tranche: Current market is not bad, if you have only a small position, but we'd see if softer gold prices could get us in at C$0.75 or less.