Ann: Gold price risk mitigation-BLK.AX, page-4

Bryan Dixon is quite intuitive and a good man to have at the helm..From my understanding total production for qtr 4 will be about 20koz so what a comfort to know that the early days are profitable up front. This guy I understand has an accountant background and that gives me confidence....he understands the need to de-risk as much as possible. The spot price will probably go up from here as the "experts" feel the dollaroo will go further south...nevertheless the immediate future is certain now. The next steps are mining approval, then refurb completed on budget, mining staff engaged, mining fleet on guard..If the qtr 4 AISC is $1200 and then profit equals $500/oz equals $10m. Project that out for the full year on a EPS basis and you have 13.3 cents (assuming full option dilution) and you have a share price of $1.06 on an earnings multiple of 8. Investment success equals calculated risk and from my calculations this is a good one. Current price about 45 cents..