Ann: Additional Reefs Planned in 2009 , page-66

this is the way i see things.

I'm guessing the price of gold will trade between AUD$1,000 -AUS$1200/oz in the foreseeable future.

But the safe thing is to probably assume AUD$800/oz.

So out of the current crop of leading 12 -13 producers - it only leaves low cost producers such as DOM , LGL and NCM any chance of seeing long term profits.
NCM however has most of its resource in a very low grade mine (Telfer) and is producing profits from much smaller higher grade mines... so that leaves DOM and LGL which are fully priced as the 2 picks.
DOM and LGL don't represent value .. they follow the gold price.

OGC, SBM etc...look like are going to struggle... they are leading high cost producers that are losing money.

CTO has demonstrated it could join the ranks of DOM and LGL.. one of its quarterlies the cash costs were AUD$371/oz..last quarter with only 2,500 oz produced the costs were AUD$480/oz .. still better than OGC and SBM producing at much higher rates.

So there's light at the end of the CTO tunnel.