For what its worth - Casey's International Speculator still recommends hold for a takeover.

Some excerpts from their report below:

Comments: HOLD / WATCH FOR PP—Bayfield delivered more encouraging drill results from the eastern zone on BYV's Burns Block property, including 19.6 m of 5.45 g/t gold. What's even more interesting is that the neighbor, Rainy River Resources (T.RR), made new discovery near the eastern side of the Burns Block as well (without mentioning that proximity in their press release, of course).

We have no idea why Bayfield has not been taken over yet; it's selling cheap enough that RR could snap it up, consolidate its land package, acquire BYV's two discoveries, and have some solid bedrock to build their plant on. But frankly, we're glad; at current levels, even a 100% premium to market would represent a loss for some BYV shareholders who did not have the guts to average down.

The company doesn't have anywhere near enough cash to drill off the rest of the Burns Block, looking for more discoveries, so there's a potential for another private placement ahead – a buying opportunity to watch out for. However, Bayfield does have some cash to maneuver with, and we hope to see them use it effectively.