manas: this goldie just gets better, page-51

Exberliner

I updated my numbers, to get a better val

Nov11 scope doesn't offer a production profile, only timeframes, LOM and resource block guides so I have to play around a bit to make the numbers fit.

interestingly, they are not really going to be producing first 3yrs at $180/oz and $250/oz LOM. it's closer to $330/oz and $400/oz LOM

they way they have reported cash costs does not include the $5.1m pa fixed costs, strange because they show it as an operating cost. It's not a royalty or sustaining capital. I figure it's and admin/general site type cost that isn't included in the C1 definition, but it's a little cheeky they haven't included it in "cash costs".

country risk vals are always in the eye of the beholder. impossible to get right so I don't use.

my val = $140m based on bare bones DCF, so 55-60 if you add in all the 20c oppies

now that money has started to look for small gold miners again, figure MSR will be top of a lot of buy lists once conversion and fease completed