perspective, page-8

Hi BP ? this was just my very rough calc to see if there might be value here.

As far as I'm aware, the company's only suggestion at the size of economic mineable gold is the 500,000 ounce JORC Reserve targeted for 31 Dec 2011. Presuming that JORC figure becomes reality, the calc was just a rough theoretical per ounce valuation.

500,000ozs divided by 140m shares means every 280 shares gives a nominal interest in one in-ground ounce of gold. Nominal means it's only a theoretical calculation, but still useful.

Currently, those 280 shares would costs $126 to buy, at 45c per share. So for every $126 of shares you could buy, you buy a nominally interest in one in-ground ounce of gold.

That ounce of gold might be sellable for $1,750 less the cost of all the mining and processing it. We don't have our own mill for processing. Toll treating in someone else's nearby mill may be an option.

All very broad brush stuff. No point in trying to be more detailed as we don't know anything about the costs. Reserve ounces would be forecast to be profitable, but we don't know how profitable.

Hope this helps but DYOR.