has to be a steal, page-4

As said today, they'll start stockpiling ore next month, but need to find $30M of farm in or funding to get the processing plant online.

With a gold price of approx $850/ounce, even with mining and processing costs of $400/ounce (very high for the grade we're looking at) a single years' production would pay for any facility.

ANZ certainly murkies any finance deal, as they most likely have a lien over the existing plant.

Farm-in I would have though would be ideal. Give someone else 30% of the mine for $30M and they could have a complete RTO in a little over 3 years.

Even if oil goes down, macro economic pressure and sub-prime resets at the end of the year will continue to bolster the gold price as a recession hedge.

Where else could you get a mine this close to production for these crazy prices?

ANZ's convertible notes went through at an equivalent of a $0.30 share price. If it just gets back to the convertible note level, it's a decent multibagger!

;-)