Ann: Jeffreys Find Stage One Production Exceeds 9,400 Ounces, page-19

first thing to know is that there is never a surplus cash that includes bm minings share...bm's share of cash is an expense for awj, the same as any other bm mining cost, to think in terms of a 9mill surplus is illusionary
cut to the chase...ammending your surplus estimate then to 4.5mill cash surplus... while i say closer to 3mill...we'll see who is right.

regarding feasibility study costs these are way out of date...i watch these things very closely because i am about to approach mining people who do similar work for prices on a mining operation, last week i spoke to a trucking man who carts 130tonnes per trip, and he thinks $32 for 230km or $4160 per trip is way too cheap.

there's no point in my coming up with a set of numbers to contradict yours when no one yet knows the final all in sustaining costs and probably will never be given enough information to work it out anyway . suffice to say that bml mining carried out a similar hard rock mining operation at menzies mining a higher grade and carting a shorter distance and final costs were still close to 1.8g tonne... is that why that particular menzies mining company is abandoning the bml mining model and going the way of on site vat leaching?

meanwhile ponder this question...how did they achieve ore grades close to 1.9g when all versions of scoping tonnages gave ore grades of close to 1.5g? were their calculations that bad or did they find (as i said) they were losing money at 1.5g and were forced to high grade it and leave a lot of 1.5g in the paddock? this would be taking a short term gain at the expense of the full mining operation.