report, page-7

hardcash
I went to 'mines and wines' at Orange which included the GCR day. The day was regarded by many as showing GCR as a bit of a tin pot organisation. The focus on CH showed that they had taken it is far as they could and that it was definitely for sale. The geology showed that that there were numerous discrete low grade deposits within CH. The low grades were explained as being caused by one too many volcanic intrusions into the deposit which had the effect of leaching out much of the higher grades and they also had the effect of making the geology very complex. it all = high costs of prodn.

Forget CH. at the most it will one day recoup their costs. I dont think it will be mined under current conditions. I suspect that they hope a major will jump in and GCR will retain a net smelter royalty. The most logical, Newcrset just keeps expanding its resource at Cadia and they have 30 years + of production so I dont believe they are at all interested. who else would want a high cost start up? I notice GCR just sold their belubula tenement. I dont think they have done anything yet to justify a sp increase.