Never say never, but it seems like it's just a matter of time now for Bayfield. NGD is going to want the Burns Block if it builds the Rainy River mine -- it just makes no sense to have to build around it -- not to mention to leave near-by, high-grade gold mineralization in the ground.

But we're glad NGD didn't buy BYV along with RR today, as even at a 100% premium, it would lock in a loss for those who bought in higher. This way, we have time in which BY shares may recover more, before the offer comes -- and the more the better.

We can't say when that will happen, but the clock is surely ticking. We would not "average up" on this news, if we were in at lower prices, but if we were in at higher levels, we'd look for a chances to buy on the dips before BYV is history.