We need a basic sense of value. Obviously the drilling is limited, but we still need to estimate a possible reserve and apply a heavy discount EV/oz, should provide such a basic EV. One gold mine financier said at this very early stage apply $20 /oz, but then he further reduced it.
He stated you could easily be paying 30% too high, on such an unknown reserve. Also we could find ourselves buying from those who brought in at lower levels and are cashing in.
Q What would you say the EV of the Qld operation be if it seriously was to be sold off? Does it hold genuine value to another company in this market?
What would you say is a very probable reserve of Masabi Hill in Tanzania?
5c bid, page-7
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