Why Gold Could Go Hyperbolic, page-7

Clonbinane has 47,000 known reserves with up to 85% gold recovery. I think I read somewhere that productions costs would be about $6-700 per ounce - thus leaving about $1000 clear profit per ounce. So that would equate to about $47,000,000 safely in the ground waiting to be banked.

The Clonbinane Goldfield is approximately halfway between Melbourne and Nagambie, close to the Hume Freeway. A preliminary Inferred Resource (under the JORC Code (2004)) for the goldfield of 47,000 ounces of gold, 609,000 tonnes at 2.4 g/t, was estimated in 2008 by a previous owner.

The oxide gold mineralisation at the Apollo-Gladys area, which in 2008 had an Inferred Resource of 137,000 tonnes at 2.6 g/t gold for 11,450 ounces, is the first target for excavating and trucking 60 km north to the Nagambie Mine for heap-leach gold treatment.

The best drill results at Apollo, previously reported, included 21 metres at 4.8 g/t gold from 9 m downhole and 4 m at 6.6 g/t from 15 m. The best drill results at Gladys included 19 m at 2.7 g/t from 6 m, 15 m at 2.9 g/t from 7 m, and 8 m at 6.3 g/t from 9m.

Heap-leach testing on Apollo-Gladys oxide bulk samples by a previous owner has indicated 80% to 85% gold recoveries, very high by industry standards.

The halo gold mineralisation at Clonbinane is very unusual for Victoria – the typical nuggetty quartz vein style (Bendigo and Ballarat) has little or no mineralisation in the hangingwall or footwall. The diorite dyke intrusions adjacent to the breccia-hosted pyrite and stibnite bearing lodes at Clonbinane have resulted in the sediments (principally siltstones and sandstones) becoming more brittle and fractured, resulting in broader leakage of the mineralising fluids (quartz, sulphides and gold)

http://www.nagambiemining.com.au/up...18-Clonbinane-Goldfield-Trenching-Results.pdf